Key points:
- Q1 2025 net revenue fell 5.1% year-on-year to $730.3m
- Gross operating profit declined 15.1% to $132m
- Hotel occupancy across Atlantic City casinos fell to 62.9%
New Jersey’s casino industry reported a 5.1% year-on-year decline in revenue for the first quarter of 2025, generating $730.3m.
The downturn, released by the Division of Gaming Enforcement (DGE), marks the continuation of a trend seen in late 2024, where year-end casino revenues dropped 1.7% in Q4.
The state's casino gross operating profit also saw a significant 15.1% decrease, falling to $132m. These results highlight ongoing pressures across Atlantic City’s gaming market, despite sporadic positive performances at individual properties.
Among individual licensees, Hard Rock Hotel & Casino posted a 1.2% revenue increase to $135m, while Tropicana showed the most notable improvement in profitability, growing operating profit by 7.1% to $13.4m.
Resorts Casino also saw gains compared to its Q1 2024 loss, though the figures are not directly comparable due to its absorption of Resorts Digital from September 2024 onwards.
Good to know: Several operators experienced sharp declines. Caesars reported a 15.9% drop in revenue and a 66.5% decline in operating profit
Meanwhile, Caesars Interactive (CIENJ) posted a 31.3% revenue drop and Borgata – still Atlantic City’s highest-grossing property – reported revenue of $174.2m, down 2.7% from Q1 2024, with a 6.8% decrease in profit.
Hotel occupancy across casino properties dropped to 62.9%, down from 64.8% in Q1 last year. Average rates per occupied room reached $159.13, with Ocean Casino commanding the highest at $229.66.
These results follow the DGE’s earlier report that New Jersey’s full-year 2024 casino revenue fell 0.5% to $3.31bn, with a 9.2% decline in gross operating profit.
While monthly revenue trends in early 2025, such as a 5.1% increase in February, offered some optimism, Q1’s figures reaffirm that Atlantic City’s recovery remains inconsistent amid shifting consumer trends and operational headwinds.
