New Jersey is a state in the US that is considered a leader in the casino gaming industry. They offer casinos in Atlantic City and for years have been able to contribute to the economy in several ways. However, over the years, neighboring states have decided to expand their gambling options and are now gaining ground on the Garden State.
New Report Results
The American Gaming Association has collected data from the gaming industries of the United States and provided the information found in a recent report. In the report, New Jersey was shown to have provided 39,000 jobs and generated $1.2 billion in taxes for 2018. The state also contributed $6.5 billion in total economic impact last year.
The state ranks 6th in the US when it comes to jobs from the gaming industry. They rank 10th in the Total Economic Impact category and 5th for gaming taxes generated. This is in comparison to 42 other states in the US that offer commercial and/or tribal gaming.
According to the President of the Casino Association of New Jersey, Kevin Ortzman, the casino industry is a powerful economic engine for New Jersey when considering the creation of jobs, taxes and fees paid. The revenue from taxes help to provide services that are much-needed for the disabled residents of the state as well as senior citizens. The funds also work to help the public education system.
Ortzman stated: “Further, the industry’s significant capital investments and purchases of goods and services from vendors throughout the state creates a ripple effect across the economy. The casinos support independent vendors across a substantial variety of industries — from food purveyors, bakeries and beverage distributors to transportation companies, radio stations, professional consultants and construction contractors — creating jobs with these vendors and fueling the state’s economy. The casino industry will continue to invest in redevelopment projects and nongaming services to attract visitors to our great city.”
Competitors Closing In
In the past, Atlantic City would draw consumers from nearby markets, including New York City, Washington D.C., Philadelphia and other areas. Now, these regions are becoming an area of competition.
Atlantic City is the second-largest commercial casino market in the United States. However, four of the top 10 largest markets in the nation are nearby and gaining ground. The Baltimore/Washington D.C. area, Philadelphia, New York City and the Poconos in Pennsylvania all offer gaming and are continuing to grow.
Experts feel that though the market is shrinking for New Jersey to take advantage of, the state should still remain at the top when it comes to casino gaming. Instead of worrying about nearby competitors, experts suggest that the stat continue to do what works best for them so they can see success long term.
New Jersey continues to grow and expand when it comes to their gambling industry. The state has added online sports betting to the mix of existing online casino and poker gaming. The state also has seen two new casinos open within the last year and other venues are looking to expand on their current service offerings.
The state continues to see record revenues earned in both land-based and online gaming. It seems that there is no slowing down when it comes to gambling in the state and they will continue to hold a top spot regarding gambling in the US as a whole.
It has been predicted that the gaming industry in the state will eventually level out but as of yet, no signs are present.