New Jersey casino revenue reaches $837.2m for Q2 2025, falls 2% for H1 2025

The New Jersey Division of Gaming Enforcement (DGE) has reported the state’s casino gaming activity and hotel occupancy rates for the second quarter of 2025 and first six months (H1 2025), detailing a revenue increase of 0.9% year-over-year to $837.2m for Q2 2025. 

Q2 2025

Gross operating profit throughout the second quarter of 2025 was reported to be $179.9m, increasing 5.9% despite six of the nine properties which report to the DGE having witnessed a decrease in profit year-over-year. 

Borgata Atlantic City and Ocean Casino managed to increase gross operating profit by 16% and 67.9% year-over-year, respectively, for Q2 2025 totals of $63.1m and just over $26.8m. The two New Jersey casino hotels were also the only facilities to report an increase in net revenue, as Borgata rose 7.9% to $210.9m, while Ocean Casino grew by 14.5% for a total of $130m. 

Despite generating a Q2 2025 net revenue of $149.7m, second-highest of all New Jersey casino hotels, Hard Rock Atlantic City still witnessed a revenue decrease of 4.3% from the prior year period. The property also reported a fall in gross operating profit of 6.1% year-over-year to $33.3m, while Tropicana Atlantic City generated a gross operating profit of $14.9m for Q2 2025, but decreased 35.4%. 

Caesars and Harrah’s reported Q2 2025 net revenues of $63.2m and $67.8m, respectively, equating to decreases of 0.6% and 3.2%. Tropicana managed to produce nearly $67m of net revenue throughout the quarter, but fell 8.3% from the prior year period. Resorts Atlantic City had not reported its net revenue or gross operating profit for Q2 2024, having witnessed $49.7m and $9.9m between the two figures, respectively, for the second quarter of 2025. 

Bally’s and Golden Nugget were the final two properties which report to the New Jersey DGE, producing $49m and $38.6m of net revenue, respectively, representing decreases of 7.7% and 7.9%. While Bally’s generated a gross operating profit of $2.3m for Q2 2025, the figure equates to a fall of 14.7% from the prior year period, as Golden Nugget’s operating profit decreased 20.1% to just over $5.1m. 

Hotel occupancy throughout the second quarter of 2025 fell by 0.7 percentage points to 72.6%, led by Ocean Casino Resort Atlantic City which maintained an occupancy rate of 85.9%. Caesars Atlantic City was the only property to also eclipse the 80% occupancy rate for Q2 2025 at 82.3%, while Borgata and Resorts reported occupancy rates of 77.9% and 68.3%, respectively. 

H1 2025

Across the first six months of 2025, net revenue was reported to be $1.57bn by the DGE, equating to a decrease of 2% from the prior year period. Gross operating profit reached $320.7m, but fell 3.9% year-over-year, perhaps impacted by a 1.3 percentage point decrease in hotel occupancy rate to 67.8% for H1 2025. 

Good to know: On August 15, the DGE released the state’s total gaming activity for July 2025, marking only the second time this year the Garden State has amassed $600m in revenue, including 26.6% growth in iGaming year-over-year

Borgata led all properties in net revenue for H1 2025, generating just over $385.1m and managing to increase by 2.8% from the prior year period. Ocean Casino Resort also reported an increase in net revenue year-over-year, rising 5.5% to $243.1m for H1 2025.

Resorts, having not filed an H1 2024 report, produced $90.2m of net revenue and $13.5m of gross operating profit for the first six months of 2025. The company’s digital segment generated $23.5m of revenue and $9.6m of gross profit throughout the period as well. 

Hard Rock Atlantic City, Tropicana and Caesars reported H1 2025 net revenues of $284.7m, $128.1m and $113.3m, respectively, equating to decreases of 1.8%, 5.9% and 8% from the prior year period. Harrah’s managed an H1 2025 net revenue of $137.8m, but fell 3.4% year-over-year. Golden Nugget and Bally’s nearly eclipsed the $100m net revenue mark with totals of $90.7m and $72.9m for H1 2025, respectively, decreasing by 7.7% and 5.9%. 

Bally’s also reported an operating loss of approximately $896,000 for H1 2025, representing a significant 439.4% decrease from the prior year period. Caesars and Tropicana witnessed operating profit decreases of 35.9% and 20.5%, respectively, for H1 2025 totals of $16.2m and $28.2m. Borgata and Ocean Casino Resort once again reported increases in gross operating profit throughout the period, rising by 4.9% and 23.6% to $111.3m and $49.3m. 

Hard Rock Atlantic City was the only New Jersey property to maintain an occupancy rate above 80% throughout H1 2025, however, reporting 81.9% while Ocean Casino was a close second at 78.6% and Caesars coming in at 74%. 

Kirk Geller

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