NJ casino revenue reaches $3.3bn during FY2024, operating profit decreases 9.2%

The New Jersey Division of Gaming Enforcement (DGE) has published the state’s casino revenue figures during the fourth quarter of 2024 and full year (FY), with net revenue from Atlantic City properties having decreased by 0.5% year-over-year to $3.3bn for FY2024. 

Gross operating profit witnessed a more significant fall during FY2024, having decreased by 9.2% from the prior year period for a total of $709.1m. With Atlantic City casinos having generated $132.5m in gross operating profit throughout the fourth quarter of 2024, the figure represents a decrease of 10.8% year-over-year. 

During Q4 2024, the properties generated a net revenue of $768.9m, equating to a decrease of 1.7% from the prior year period. Four properties managed to increase its net revenue throughout the fourth quarter of 2024, including Caesars, Ocean Resort, Resorts Casino and Tropicana. 

Caesars generated $58.6m of net revenue during the period for an increase of 5.9% year-over-year, while Ocean Resort increased its revenue by 3% from the prior year period for a total of $123.4m. Resorts Casino and Tropicana increased its net revenue by 3.8% and 2.4% year-over-year, respectively, having generated $37.7m and $66.8m for Q4 2024. 

Borgata managed to generate the highest net revenue of any Atlantic City property during Q4 2024, reporting just over $190m for a decrease of 0.2% year-over-year. Hard Rock was a close second at $139.9m of net revenue, but the figure still represents a fall of 0.3% from the prior year period. Harrah’s and Bally’s witnessed the highest decreases in net revenue for Q4 2024 with falls of 9.2% and 7.8%, respectively, for totals of $63.2m and $43.1m. 

Finally, Golden Nugget reported just over $35m in Q4 2024 net revenue for a decrease of 5% from the prior year period, but watched as its operating profit fell by 50.5% year-over-year to nearly $3.1m. 

Bally’s reported the most significant decrease in operating profit during Q4 2024, having decreased by 326.3% for a loss of $4.2m. Harrah’s fell by 32.5% for a Q4 2024 operating profit of nearly $9m, while Borgata and Ocean Resort decreased by 12.3% and 6.4% year-over-year, respectively, for totals of $42.1m and $28.4m.

Caesars and Tropicana were the only Atlantic City properties to report increases in operating profit from the prior year period, rising by 120.5% and 11.6% from the prior year period to report $8.6m and $16.3m. 

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Throughout FY2024, Borgata generated the most net revenue of any Atlantic City property with a total of $782.9m, but fell by 0.3% year-over-year. Hard Rock and Ocean Resort also managed to eclipse the $500m mark, with Hard Rock reporting $595.7m for an increase of 4% from the prior year period, while Ocean Resort grew by 1.8% for a total of $500.8m. 

Caesars was the only property, along with Hard Rock and Ocean Resort, to report an increase in net revenue during FY2024, growing by 1.3% year-over-year to generate $257.4m throughout the period. Harrah’s and Tropicana generated $285.7m and $289.8m of net revenue during FY2024, representing decreases of 7.4% and 2.2% from the prior year period, respectively. 

Bally’s generated $199.6m of net revenue for FY2024, equating to a decrease of 0.2% year-over-year, while Golden Nugget and Resorts Casino reported totals of $159.2m and $158.5m for decreases of 1.7% and 1.4%, respectively, from the prior year period. 

In terms of operating profit throughout FY2024, only Caesars and Hard Rock managed to generate increases in revenue during the period, rising by 10.7% and 7.9% year-over-year to report $57.3m and $135.5m. Bally’s reported the highest decrease in operating profit, falling by 76.8% from the prior year for a total of nearly $2.6m, while Resorts Casino operating profit decreased by 43.8% to $5.3m during FY2024. 

Borgata reported $208.6m of operating profit for FY2024, equating to a decrease of 7.7% from the prior year period. Harrah’s managed to generate $64.2m of operating profit during FY2024 for a decrease of 20.4% year-over-year, while Ocean Resort and Tropicana fell by 13.6% and 11.5%, respectively, from the prior year period for a total of $101.3m and $82.4m.

Kirk Geller

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