New Jersey Casino Revenue 2025: Up for Q4, Down for Full Year

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Atlantic City, New Jersey

New Jersey’s casino industry closed 2025 with modest revenue gains in the fourth quarter but weaker profitability for both the quarter and the full year. This is according to quarterly filings compiled by the New Jersey Division of Gaming Enforcement (DGE).

Atlantic City, New Jersey
Key figures:
  • Fourth-quarter 2025 net revenue across Atlantic City casinos was $784.6 million, up 2.0% versus Q4 2024.
  • Fourth-quarter gross operating profit (GOP) fell 5.8% to $124.7 million.
  • For the full year 2025, net revenue reached $3.29 billion, down 0.5% from 2024.
  • Full-year GOP declined 3.9% to $681.6 million.

The divergence, small topline growth in the quarter but declining GOP, suggests margins came under pressure in late 2025.

In light of the upcoming New York City casinos, New Jersey is re entertaining allowing casinos outside Atlantic City. State Senators Vin Gopal and Paul Sarlo have filed legislation to place a referendum before voters that would permit full casino licenses in northern counties

Property-Level Performance was Mixed

Borgata again led the market in scale and profitability. For the full year Borgata reported $824.7 million in revenue (a 5.3% increase year-over-year) and $237.4 million in GOP, up 13.8%. 

Golden Nugget posted a sizeable increase in quarterly and annual GOP year-over-year, with annual GOP up 56.9%, driven by a 4.1% lift in revenue.

Additionally, Ocean Casino and Borgata were among the properties that increased annual revenue (Ocean +6.2%), with Ocean showing a double-digit rise in GOP (10.6%).

On the other hand, Caesars and Tropicana saw year-over-year revenue declines and significant drops in profitability. Caesars’ annual GOP fell about 40.3% with Tropicana’s GOP slipping 25.0%.

Bally’s and Resorts continued to report weaker results. Bally’s posted a full-year revenue decline of 8.2% and a negative GOP for the year.

The DGE’s seasonal quarterly table shows that, for Q4, Borgata, Caesars and Hard Rock achieved the highest occupancy among major properties. 

For the quarter ended Dec. 31, 2025, the industry average occupancy for casino hotels was 64.9% (down 0.7 percentage points from Q4 2024), and the full-year occupancy was 71.2%, down 0.8 points.

Atlantic City casinos posted record revenue for January, producing $213.3 million combined.