Atlantic City casinos are moving through its offseason as expected in 2025, as revenue remains flat from this point last year.
The New Jersey Division of Gaming Enforcement reported on Friday that Atlantic City casinos produced $203.5 million in January revenue. That is a 3.8% year-over-year decrease and a 3.1% month-over-month decrease.
Through the first two months of 2025, Atlantic City casinos generated $413.7 million in revenue, which is a 0.7% decrease from 2024. Being flat from last year has enabled online casinos to surpass the retail market in each of the past two months.
Despite the Philadelphia Eagles participating and winning the Super Bowl last month, Atlantic City properties did not cash in as expected.
Retail industry cedes to iGaming once again
It might be fair to say that the online casino train has surpassed the Atlantic City market, at least during the offseason months. The vertical topped retail for the second straight month and third time ever.
Atlantic City casinos will have its reign again once the summer comes around. However, the cold winter months make it much more enticing to bet online.
Jane Bokunewicz, faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism (LIGHT) at the Stockton University School of Business, said in statement:
“For a month that included several winter weather events (compared to a dry, mostly uneventful and one day longer February 2024), it is not surprising that casinos saw a year-over year decline in brick-and-mortar revenue in February 2025.
“A less busy month for in-person patrons opened the door to more internet gaming activity and the opportunity for online casino operations to pass brick-and-mortar for a second consecutive month with a 14% increase over February 2024.”
Bokunewicz is expecting the market to grow as the months transpire. She continued:
“Year to date, brick-and-mortar casino revenues were less than 1% off pace from 2024 and with warmer months on the horizon we should expect to see the industry make up this gap.”
Retail sports betting drops month-over-month
Atlantic City properties were expecting a big month in sports betting as the Eagles defeated the Kansas City Chiefs in the Super Bowl last month. After all, Lincoln Financial Field is roughly 58 miles from Atlantic City, which is, giver-or-take, an hour drive.
Despite the hometown Eagles participating in the Big Game, retail handle came in at $39.3 million, which is a 14.7% decrease from January. Handle increased only 3.7% from February 2024.
While the Super Bowl is only one game, it is surprising that handle didn’t increase from the year prior, when the Chiefs played the San Francisco 49ers.
It wasn’t a total disappointment for New Jersey, as the state led all markets in sports betting handle, producing $168.7 million in handle. However, it is a little surprising that Atlantic City operators didn’t take in more bets than it did.
Breaking down February casino January revenue
| Casino | Total Gaming Win | Table Games | Poker | Slot Machines |
|---|---|---|---|---|
| Borgata | $49,890,910 | $12,130,139 | $1,055,683 | $37,760,771 |
| Hard Rock | $41,873,302 | $12,919,485 | $--- | $28,953,817 |
| Ocean Casino | $32,393,583 | $10,008,167 | $--- | $22,385,416 |
| Harrah's | $18,406,403 | $3,195,841 | $186,028 | $15,024,534 |
| Tropicana | $15,868,006 | $3,207,215 | $122,383 | $12,538,408 |
| Caesars | $13,980,744 | $3,454,473 | $--- | $10,526,271 |
| Golden Nugget | $10,453,955 | $2,195,293 | $--- | $8,258,662 |
| Resorts | $11,381,825 | $2,082,487 | $--- | $9,299,338 |
| Bally's | $9,224,853 | $7,348,757 | $--- | $1,876,096 |
| Total | $203,473,581 | $56,541,857 | $1,364,094 | $146,623 |
