Atlantic City casinos record steady revenue, lower profit in 2025

The basics:

• Atlantic City gaming revenue steady, but profits decline in 2025
• Rising costs, competition impact margins
• Hotel occupancy trends slightly downward
• Borgata, Hard Rock, Ocean Casino lead market performance

The New Jersey Division of Gaming Enforcement‘s latest figures show a familiar — and increasingly challenging — trend taking hold in Atlantic City: revenue holds steady, while profits tighten.

In the fourth quarter of 2025, casinos reported net revenue of $784.6 million (+2%), while gross operating profit fell to $124.7 million (-5.8%). Hotel occupancy also edged down to 64.9% (-0.7%).

Industry leaders say the numbers reflect a shifting landscape.

“The latest filings from the Division of Gaming Enforcement show a mixed and increasingly challenging environment for New Jersey’s casino industry,” said George Goldhoff, president of the Casino Association of New Jersey.

For the full year, the trend becomes even clearer. Atlantic City casinos generated $3.29 billion in net revenue (-0.5%) and $681.6 million in gross operating profit (-3.9%), with occupancy at 71.2% (-0.8%).

Under pressure

Goldhoff pointed to a range of pressures, including regional competition, economic headwinds and the prospect of expanded gaming in the New York City market. He also noted that declining occupancy reflects ongoing challenges in driving visitation.

“While the industry demonstrates resilience, these figures underscore the need for operational efficiency and bolder strategies to reverse declining occupancy trends,” Goldhoff said. “They also highlight the urgency with which the State of New Jersey, City of Atlantic City, Casino Reinvestment Development Authority, and all stakeholders must take immediate and comprehensive action to make the city more attractive to visitors this summer.”

Goldhoff said that is why the industry has invested hundreds of millions of dollars into their properties over the last several years. The work helps to continue delivering high-quality experiences and support jobs that drive economic activity in South Jersey.

“The Casino Association of New Jersey will continue to advocate for measures that support sustainable growth in an increasingly competitive marketplace because we know that when our industry succeeds, so do the communities we serve,” said Goldhoff.

Ending on a positive note

New Jersey Casino Control Commission Chairman James Plousis said, “Atlantic City reported flat annual net revenue and lower gross operating profit during 2025, having encountered increased costs and expenses for a fifth consecutive year. While the pressure felt by the casino industry has been in line with businesses at large, Atlantic City finished the year on a positive note – fourth quarter net revenue was the highest recorded since 2019 – and it is competing well for regional gaming and leisure tourists.”

Experts say the disconnect between revenue and profit comes down to rising costs.

Jane Bokunewicz is faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism (LIGHT) at Stockton University. She said recent trends suggest operators have been able to pass along “some, but not all, of the increases in operating expenses” to consumers — resulting in stable revenue but declining margins.

“This pattern is also seen in the year-end numbers which again showed a slightly upward trend in net revenue and a marginally downward trend in GOP [gross operating profit],” said Bokunewicz. “Atlantic City’s casino operators have been responding to competitive pressures in a variety of ways.

“These efforts include capital improvements, and investments in marketing and promotions to distinguish themselves from competitors and stimulate consumer interest and patronage.”

Staying ahead of the game

Bokunewicz says that the return on these investments are slowly realized. She pointed to external variables, such as inflation, noting on paper they seem to dull the effect of the revenue generating initiatives.

“Properties have also tried to optimize GOP by taking a careful look at their expenses, however a lot of operational expenses such as wages, energy prices, and the cost of goods sold, have been impacted by external factors,” said Bokunewicz.

At the property level, a familiar group led the market.

In the fourth quarter, Borgata Atlantic City reported $211.4 million in revenue (+11.3%) and $59.9 million in profit (+42.5%). Hard Rock Hotel & Casino Atlantic City followed with $135.3 million (-3.2%) and $20.8 million (-26.6%). Meanwhile, Ocean Casino Resort posted $127.8 million (+3.5%) and $21.6 million (-13.3%).

For the full year, Borgata again led with $824.7 million in revenue (+5.3%) and $237.4 million in profit (+13.8%). Hard Rock reported $585.5 million (-1.7%) and $123.8 million (-8.6%). And Ocean Casino Resort delivered $532 million (+6.2%) and $112.1 million (+10.6%).

The takeaway

While Atlantic City’s casino industry continues to generate steady revenue, profitability remains under pressure. Rising costs and increased competition continue to weigh on the market following softer visitation trends in 2025.

At the same time, Visit Atlantic City reports early momentum in 2026. A strong pipeline of events, new air service and continued investment expects to help drive visitation through the spring and summer months. It’s a dynamic industry leaders are betting can help turn that momentum into results.