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The Atlantic City casino industry reported modest revenue growth but declining profitability in the fourth quarter of 2025, according to new data released by the New Jersey Division of Gaming Enforcement.
Licensees generated $784.6 million in net revenue during the quarter, a 2% increase year-over-year, signaling continued stability for the market despite broader operational pressures.
However, profitability moved in the opposite direction. Gross operating profit (GOP) totaled $124.7 million, representing a 5.8% decline compared to the fourth quarter of 2024.
The mixed results reflect ongoing challenges for Atlantic City’s nine casino operators, as rising costs and shifting consumer behavior continue to weigh on margins even as revenue climbs slightly.
Full-year results show continued pressure
For the full year, the industry reported $3.29 billion in net revenue, a slight 0.5% decrease from 2024, while annual gross operating profit fell 3.9% to $681.6 million.
These figures underscore a broader trend of softening profitability despite relatively steady demand, continuing a pattern seen throughout much of 2025.
Hotel performance softens
Hotel performance also weakened during the quarter. Casino hotel occupancy came in at 64.9%, down 0.7% year-over-year, pointing to slightly softer visitation levels during the traditionally slower winter months.
The dip in occupancy suggests that while gaming revenue has remained relatively resilient, foot traffic and overnight stays have stayed relatively flat.
Winners and laggards emerge
At the property level, performance varied widely. Borgata Atlantic City continued to lead the market, posting strong year-over-year gains in both revenue and profit, while Golden Nugget and Ocean Casino Resort also recorded notable increases in annual net revenue.
Conversely, several operators saw declines. Tropicana, Caesars, and Bally’s all reported decreases in annual net revenue, with some properties also experiencing significant drops in quarterly profitability.
Online gaming continues to shape results
The results highlight the evolving dynamics of Atlantic City’s gaming sector, where traditional property operations increasingly coexist with – and are influenced by – online casinos and New Jersey sportsbooks.
The DGE noted that financial reporting can vary depending on how operators structure partnerships with third-party online platforms, complicating direct comparisons across properties.
Industry observers have pointed to this shift as a key factor shaping Atlantic City’s financial outlook. While digital gaming channels have helped stabilize overall revenue, they do not always translate into proportional gains in casino-level profitability.
Outlook for 2026
Despite the quarterly profit decline, Atlantic City remains a major player in the US gaming landscape.
Still, the fourth-quarter results reinforce a central challenge for operators heading into 2026: balancing steady revenue growth with tightening margins in an increasingly competitive and diversified gaming environment.
