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Atlantic City casinos did not run into a revenue collapse in 2025. The bigger problem was what happened after the money came in. Costs kept climbing, margins got thinner, and operating profit moved the wrong way just as the market heads toward a tougher fight with New York and fresh casino expansion talk inside New Jersey.
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The number that says the most is not revenue. It is profit. Atlantic City nine casinos and two online-only entities posted $681.6 million in gross operating profit for 2025, down 3.9%, even though annual net revenue stayed broadly flat. That is the fifth straight year in which rising expenses kept squeezing the market.
James Plousis put it plainly, saying Atlantic City saw “flat annual net revenue and lower gross operating profit during 2025, having encountered increased costs and expenses for a fifth consecutive year.” He also said the market ended on a better note, with fourth quarter net revenue reaching its highest level since 2018.
Looking only at the nine land-based casinos, profit still fell, though by less. Their combined gross operating profit came in at $665.4 million, down 1.4%. That split matters because online growth has helped hold up total revenue in New Jersey even while land-based operators face higher labor, energy, and goods costs.
The property list was mixed. Borgata led the market with $237.4 million in gross operating profit, up 13.8%. Ocean reached $112 million, up 10.6%, and Golden Nugget climbed to $28.2 million, up nearly 57%. On the other side, Hard Rock fell 8.6% to $123.8 million, Tropicana dropped 25% to $61.7 million, Harrah’s fell 12% to $56.5 million, and Caesars dropped more than 40% to $34.1 million. Bally’s was the only casino to post an operating loss, swinging from a $2.5 million profit in 2024 to a $2.8 million loss in 2025.
Hotel performance tells part of that story. Ocean had the highest average nightly room rate at $275.87, while Golden Nugget was lowest at $112.65. Hard Rock posted the best occupancy at 83.7%, while Golden Nugget was lowest at 51.8%. Across the city, the average room rate was $175.16 and occupancy was 71.2%, down slightly from the prior year.
Jane Bokunewicz said operators have been trying to answer pressure through capital improvements, marketing, and promotions, but inflation has dulled the effect. In other words, casinos have been spending to protect demand while also trying to cut expenses, and that is a tough balance when outside costs keep rising.
That would already be a hard setup on its own. The timing makes it harder. Atlantic City is looking at three potential New York City casinos, and New Jersey is again hearing talk about casino gambling outside Atlantic City. George Goldhoff said the market is dealing with I