New Jersey Casino Revenue and Profit Decline in Q4 2024

The latest financial figures from New Jersey’s Division of Gaming Enforcement (DGE) reveal a decline in both casino revenue and gross operating profits for the 4th quarter of 2024. The state’s casinos recorded net revenues of $768.9 million during the final quarter, marking a 1.7% decrease compared to the same period in 2023. Meanwhile, gross operating profits (GOP) for the quarter totaled $132.5 million, representing a more significant drop of 10.8%.

These results align with the broader trends observed throughout the year. For the full 2024 calendar year, New Jersey’s casino net revenues reached $3.31 billion, which is a slight decrease of 0.5% year-over-year. Similarly, the GOP for the year fell by 9.2%, totaling $709.1 million.

Key Casino Performance Highlights

The Borgata Hotel & Casino, a key player in the market, reported the highest revenue of any licensed casino in Atlantic City for Q4 2024. However, this marked a modest 0.2% decrease in revenue, totaling $190 million. Borgata’s GOP also saw a decline of 12.3%, amounting to $42.1 million.

Notably, Caesars Atlantic City bucked the general trend, posting significant gains. The property saw a 5.9% increase in revenue, rising to $58.6 million. Furthermore, its profits surged by an impressive 120.2%, reaching $8.6 million for the quarter.

Full-Year 2024 Casino Revenue Overview

For the entire year of 2024, New Jersey’s casino industry witnessed a slight dip in both revenue and profit. The total casino revenue for the year was down 0.5% from the previous year, while GOP dropped by 9.2%. Borgata again led in of revenue generation with $782.9 million, although it experienced a minor 0.3% decline from the prior year. Its GOP also declined by 7.7%, amounting to $208.6 million.

Ocean Resort Hotel & Casino stood out for its revenue growth, posting a 1.8% increase compared to the previous year. Conversely, Golden Nugget and Harrah’s Atlantic City faced steeper declines in both revenue and GOP for the year.

Hotel Occupancy Trends

The hotel occupancy rate in Atlantic City’s casino hotels also showed signs of strain. For the quarter ending December 31, 2024, the occupancy rate dropped to 65.6%, a decrease of 0.9 percentage points from the same quarter in 2023. Over the course of the entire year, the occupancy rate for casino hotels stood at 72.0%, reflecting a 1.0 percentage point decline compared to the previous year.

While New Jersey’s casino industry continues to see revenue and profit decreases, there are still standout performers, particularly in the case of Caesars Atlantic City and Borgata, which continue to be major contributors to the state’s gaming revenue. The decline in overall figures underscores ongoing challenges, but it also highlights areas of growth, especially for properties like Ocean Resort.

For further information on New Jersey’s casino financial performance, the Division of Gaming Enforcement’s full report is available on their official website.

Source:

DGE Announces Quarterly and Year End Results [pdf], nj.gov, April 7, 2025