Recently released figures from New Jersey regulators valued the state’s casino industry at .7 billion in 2015.
Of that figure, $2.4 billion came from gambling. Through the first nine months of 2016, Atlantic City casinos brought in revenue at roughly the same rate as 2015 and totaling $2.8 billion, according to a report in the Press of Atlantic City. However, the city did see the Trump Taj Mahal casino close in October 2016.
The report points out Atlantic City’s growing revenue from non-gaming amenities at its remaining casinos.
“I think any mayor in the state would raise their hand right now if you said, ‘Hey, who wants $2.5 billion going through their town?’” said Wasseem Boraie, vice president of Boraie Development. The company is currently building an $81 million Beach at South Inlet development project, which features 250 apartments, according to the Press.
Atlantic City, however, still derives 67 percent of its revenue from gambling. By comparison, Las Vegas casinos get 35 percent of their revenue from gambling, the report said.
Ten years ago, the city’s casinos brought in $5.2 billion from gambling, but the market has shrunk steadily as casinos have been built in neighboring states.
