Atlantic City Casino Profits Fall Nine Percent in 2024, But All Nine Resorts Profitable

Atlantic City Casino Profits Fall Nine Percent in 2024, But All Nine Resorts Profitable

All nine Atlantic City casino resorts stayed in the black in 2024, but their earnings and profit margins declined. 

On Monday, the New Jersey Division of Gaming Enforcement disclosed the fourth quarter and annual results for 2024 for the nine casinos along the coast. 

The report revealed that net revenue fell 0.5% from 2023 to just over $3.31 billion. Net revenue encompasses earnings from physical casino gaming and iGaming, mobile and retail sports betting, as well as food and beverage, along with hotel sales. 

While net revenue for the nine resorts decreased by under 1%, their combined gross operating profits fell by more than 9% to $709.1 million, a reduction of about $71.5 million. Gross profits, according to the DGE, represent income prior to interest, taxes, depreciation, amortization, affiliate fees, and various other expenses. 

Regarding Information 

The 2024 Atlantic City casino earnings report shows that just two of the nine resorts were more profitable last year compared to 2023. The properties that defied the trend were Caesars (rising 11% year over year) and Hard Rock (increasing 8% year over year). 

The profits at the other seven casinos dropped, with Bally’s seeing a 77% decrease and Borgata an 8% decline. Borgata continued to be the highest-grossing casino in Atlantic City with $208.6 million. 

(Image: New Jersey Division of Gaming Enforcement)

Rising expenses due to persistent inflation and economic factors potentially restricting consumer spending were cited as the reasons. 

“Increases in expenses and drags on consumer demand (initially observed in the third quarter and following through into the fourth) likely resulted in the disproportionate decline of 9.2% in year-over-year gross operating profit,” Jane Bokunewicz, director of Stockton University’s Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism, told the Press if Atlantic City.

Bokunewicz noted that during a time of “flattening brick-and-mortar” casino expansion, “increased costs” are anticipated as casinos boost spending on promotions to preserve customer loyalty. 

Nonetheless, Casino.org has recently been informed by numerous guests who assert that a majority of their comps and perks have vanished over the past few years. Stricter odds and increased table minimums have also been cited for the disappointing performance at the brick-and-mortar casinos. 

In 2024, the revenue from slot machines and table games at in-person casinos fell by 1.1% to $2.81 billion. 

The nine casinos in Atlantic City experienced lower room occupancy last year as well. The casinos’ 15,424 rooms were filled 72% of the time, a decrease of 1% from 2024. 

The typical nightly cost for a casino room decreased from $181 in 2023 to $178 the previous year. 

Optimistic Perspective

"We have some of the best entertainment on the East Coast,” Giannantonio told Casino.org. Predicting a ''renaissance'', Giannantonio is forecasting that the 2025 summer will begin a new era and heyday for Atlantic City.

“For anyone who hasn’t been to Atlantic City recently, we provide value. You can see incredible shows and eat at world-class restaurants… we’re a market that’s on the rise,” Giannantonio said.