Atlantic City casino profits drop 9.3% to $675.1 million in 2024 amid rising costs, sluggish demand

Atlantic City’s casinos posted a sharp decline in profits in 2024, with gross operating profit falling more than 9% compared to the previous year, as rising expenses and weakened consumer demand continued to pressure the industry.

The nine casinos collectively reported a gross operating profit of $675.1 million in 2024, down from $744.7 million in 2023, according to figures released Monday by the New Jersey Division of Gaming Enforcement.

Only two properties — Caesars and Hard Rock — recorded year-over-year increases in operating profit, rising 10.7% and 7.9% respectively. Meanwhile, Bally’s saw the steepest decline, with profits plunging nearly 77%, from $11.1 million to $2.5 million.

“The results are extremely disappointing, but not unexpected,” said Mark Giannantonio, president of the Casino Association of New Jersey and head of Resorts Casino Hotel. “These are challenging times, but we believe, working collaboratively with state and local stakeholders, we could start to see a turnaround and transform Atlantic City once again into a leading beachfront resort destination.”

Other significant year-over-year profit drops included a 43.8% decrease at Resorts Casino Hotel to $5.3 million, a 39.5% fall at Golden Nugget to just over $18 million, and a 13.6% decline at Ocean Casino Resort to $101.3 million. Borgata, Atlantic City’s top-earning casino, posted a 7.7% drop to $208.5 million.

The city’s internet-only operators also posted mixed results. Caesars Interactive Entertainment NJ saw profits dip 3.5% to $22.8 million. Resorts Digital earned $11.1 million before surrendering its license in September; its earnings are now reported under the Resorts Casino Hotel line, making year-over-year comparisons difficult.

When digital operations are included, total gross operating profit for Atlantic City casinos stood at $709.1 million in 2024, down 9.2% from the prior year.

“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,” said Jane Bokunewicz, director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton University.

“In a period of potentially flattening brick-and-mortar market growth, as operators compete to maintain customer loyalty, visitation and spending, higher promotional expenses and higher operating costs can be expected,” she added.

Despite the downturn, all nine casinos remained profitable. James Plousis, chairman of the New Jersey Casino Control Commission, said the results reflected broader economic conditions.

“Every casino was profitable in 2024, but increased costs were not unexpected and are apparent when profits are compared to other recent years,” he said.

Hotel occupancy averaged 72% in 2024, with nightly room rates ranging from $105.80 at Golden Nugget to $270.42 at Ocean.