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Atlantic City casinos posted essentially flat results in the third quarter of 2025, according to new financial data released by the New Jersey Division of Gaming Enforcement.
For the quarter ending Sept. 30, Atlantic City casinos reported $942.1 million in net revenue, a slight 0.1% decrease from the same period last year. Gross operating profit was $236.2 million, down 2.7% year-over-year.
Year-to-date results also down
Through the first nine months of 2025, Atlantic City casino revenue looks similar. The casino sector reported $2.51 billion in net revenue, a 1.3% decline, while year-to-date gross operating profit reached $556.9 million, representing a 3.4% drop compared to the same period in 2024.
The slowdown continues a trend of modest revenue pressure across brick-and-mortar properties.
Hotel occupancy ticks up despite revenue softness
One encouraging sign: Atlantic City casino hotels filled more rooms during the quarter. Q3 occupancy reached 84.3%, up 0.2 percentage points from a year ago.
For the nine-month period, occupancy came in at 73.3%, though that figure was 0.8 points lower than last year.
The increase in quarterly occupancy suggests tourism demand remains strong even as gaming-related revenue softens.
Understanding online gambling distortions
The DGE stressed that revenue from New Jersey online casinos and New Jersey sportsbooks is difficult to compare across operators because licensees use different revenue-sharing and partnership models.
These varying structures can make year-to-year comparisons misleading, as not every dollar generated by online brands is recognized the same way on casino financial statements.
Property-level winners and losers
Ocean Casino Resort stood out as one of the strongest performers in the market. For the first nine months of 2025, the property reported 7.1% revenue growth and an 18.4% jump in gross operating profit.
Other properties, including Bally’s Atlantic City, Caesars Atlantic City and Tropicana Atlantic City, showed softer profitability.
What Q3 results mean for industry
The stagnant revenue figures, combined with improving hotel demand, signal that while Atlantic City remains a significant tourism draw, gaming spend per visitor may be under pressure. That could reflect broader factors such as increased competition from online gambling, shifts in player behavior, or discretionary spending changes.
Jane Bokunewicz, faculty director at Stockton University School of Business, expanded on that in an email to PlayNJ:
“While these observed trends are concerning, they are not unique to the gaming industry or to Atlantic City’s casinos.
“Operating costs continue to increase across tourism, hospitality, and service industries, even as consumers find it more difficult to afford daily necessities let alone rare indulgences.”
Casinos may need to lean more heavily into non-gaming revenue, upgraded amenities, and cross-platform offerings heading into Q4. With the holiday season approaching, operators have a narrow window to turn steadier hotel demand into renewed gaming growth.
The next DGE earnings release will show whether Atlantic City’s casinos can convert higher visitation into stronger revenue or whether 2025 ends much like Q3: steady but stagnant.
