Total net revenue also decreased by 0.5% from the previous year, totaling just over $3.31 billion. This figure includes revenue from various sources, such as brick-and-mortar casino gaming, online casinos, retail and mobile sports betting, and food, beverage, and hotel sales.

Atlantic City casino revenue and profit numbers

The Atlantic City casino industry experienced nuanced shifts in its financial performance last year compared to 2023. The total net revenue for the casino hotel licensees slightly dipped by 0.1%, totaling $3,229,515,000 compared to $3,231,857,000 in 2023. Despite this marginal decline in overall revenue, individual casino licensees demonstrated varied results.

Bally's Atlantic City witnessed a negligible decrease of 0.2% in net revenue, amounting to $199,608,000. However, its operating profit plummeted nearly 77%.

Borgata also saw its net revenue decline slightly and its gross operating profit decrease by nearly 8%.

Conversely, Caesars experienced a positive outcome with a 1.3% increase in revenue, reaching $257,427,000, and an impressive 10.7% rise in operating profit, totaling $57,254,000. Similarly, Hard Rock improved its revenue by 4.0% to $595,669,000, alongside a 7.9% boost in operating profit to $135,463,000.

On the downside, Harrah's saw a more significant drop in performance, with a 7.4% decrease in revenue and a 20.4% fall in operating profit, settling at $285,671,000 and $64,165,000 respectively. The Golden Nugget's revenue shrank by 1.7%, resulting in an operating profit decline of 39.5%, down to $18,022,000.

Ocean Resort posted a 1.8% revenue improvement, although its operating profit decreased by 13.6% to $101,347,000. Meanwhile, Resorts Casino saw its revenue decline by 1.4% and its operating profit drop steeply by 43.8%, ending at $5,340,000.

Lastly, Tropicana experienced a 2.2% revenue reduction and an 11.5% operating profit decrease to $82,415,000.

Overall, despite the stability in total revenue, the Atlantic City casino industry faced a notable 9.3% decline in operating profits, indicating a challenging year for profitability amid mixed performances across different casinos.

Performance Highlights:

Bally's Atlantic City: Bally's experienced a 7.8% drop in revenue to $43,055 from $46,712  in 2023. The gross operating profit swung dramatically to a loss of $4,222 from a profit of $1,866 the previous year, reflecting a concerning decline of 326.3%.

Borgata: Borgata's revenue remained almost flat, just shy by 0.2%, totaling $190,025. However, gross operating profit saw a significant decrease of 12.3%, falling to $42,077.

Caesars: Caesars stood out with a positive turnaround, increasing its revenue by 5.9% to $58,562. The gross operating profit impressively soared more than 120% to $8,566, showcasing strong operational efficiencies.

Golden Nugget: Facing challenges, Golden Nugget's revenue dipped by 5.0% to $35,008, with a gross operating profit halved by 50.5%, settling at $3,072.

Hard Rock: Posting stable financials, Hard Rock's revenue slightly decreased by 0.3% to $139,851. The gross operating profit showed a negligible decline of 0.6%, remaining robust at $28,370.

Harrah's: Harrah's revenues fell 9.2% to $63,170, with a substantial drop of 32.5% to $8,987.

Ocean Resort Casino: Enjoying a revenue boost of 3.0%, Ocean Resort brought in $123,432, although gross operating profit slightly reduced by 6.4% to $24,939.

Resorts Casino Hotel: This casino observed a moderate revenue increase of 3.8% at $37,731, but the variance for gross operating losses/profits was not available.

Tropicana Atlantic City: Revenue rose 2.4% to $66,805, while gross operating profit increased by 11.6% to $16,335, indicating a solid financial footing.

While the overall revenue of Atlantic City casinos slightly fell, some individual casino establishments demonstrated resilience with notable growth in their net income and earnings.

Understanding Why Casinos Are Struggling

Why are these casinos struggling? Economic pressures and shifting consumer habits post-COVID are significant factors. With more gambling taking place online, casinos must share online revenue with third-party partners, unlike revenues from in-person gaming.

This is evident by taking a closer look at the resort numbers.

For the year ending December 31, 2024, Atlantic City's casino hotel properties collectively reported an average occupancy rate of 72.0%, showcasing a healthy demand for accommodations. With a total of 15,424 guest rooms available across the city's casino hotels, the industry successfully sold over 4 million room nights, but only 3 out of the 9 hotels experienced occupancy rates over 80%.

These figures highlight the dynamic nature of the gambling industry in Atlantic City, reflecting both challenges and opportunities for growth as casinos navigate the competitive landscape.

Atlantic City Casinos Are Betting on a Comeback

Mark Giannantonio, president of the Casino Association of New Jersey and Resorts Casino Hotel, didn’t shy away from the tough realities. He told The Press of Atlantic City that while the results were disappointing, they were not unexpected. He emphasized that by working with state and local stakeholders, there's hope for a turnaround, aiming to restore Atlantic City as a top beachfront resort destination.

They're already trying new things, including a boutique hotel inspired by the classic Monopoly board game. There's also a chance that New Jersey casinos go smoke free.

Although Atlantic City’s casinos are struggling with various challenges, they remain open for business. Leaders like Giannantonio are optimistic, betting on collaboration and strategic planning to guide Atlantic City to its former glory as a premier resort destination.