Atlantic City casinos face mixed fortunes in Q1 2025 as Borgata leads amid declines
The New Jersey Division of Gaming Enforcement (DGE) has released its latest report on the state's gaming industry for the first quarter of 2025. While overall revenue and profits fell compared to last year, some casinos still performed better than others. The figures highlight both challenges and resilience in Atlantic City's market. Total gaming revenue in New Jersey for Q1 2025 reached £580 million ($730.3 million), down 5.1% from the same period in 2024. Gross operating profit for Atlantic City's casino licensees also dropped by 15.1%, landing at £105 million ($132 million). Hotel occupancy in casino properties fell slightly to 62.9%, a 1.9% decline from last year.
The Borgata remained the market leader, generating £139 million ($174.2 million) in revenue for the quarter. However, this marked a 2.7% decrease from Q1 2024. Over the past five years, Borgata has still outperformed its rivals, growing net revenue by around 25%—from £440 million ($553 million) in 2021 to £550 million ($692 million) in 2025. Its gross gaming revenue also rose by 22% to £768 million ($965 million), while the wider Atlantic City market saw only modest gains of 5–8%. Other major casinos faced steeper declines. Harrah's reported a 3.6% drop in net revenue to £56 million ($70 million). Caesars saw the sharpest fall, with revenue plunging 15.9% to £39.8 million ($50.1 million). Bally's net profit decreased by 7.7% to £33 million ($41.7 million), while Golden Nugget's revenue fell 3.4% to £27.3 million ($34.3 million). Tropicana bucked the trend slightly. Although its net revenue dipped by 3.2% to £48.6 million ($61.1 million), its gross operating profit rose by 7.1% to £10.7 million ($13.4 million).
The latest figures show a mixed picture for New Jersey's gaming sector. While Borgata continues to lead, most casinos saw revenue and profit declines in early 2025. The overall market faces pressure from competition and economic conditions, with lower hotel occupancy adding to the challenges.
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