Atlantic City Casino Profits Suffers 9% Decline in 2024

Atlantic City has faced significant challenges in 2024, as reported by the New Jersey Division of Gaming Enforcement. The latest figures indicate a collective gross operating profit of $675.1 million for the nine casinos, reflecting a decline of 9.3% compared to the previous year.

Among the nine casinos, only Caesars and Hard Rock reported an increase in their operating profits for 2024. Caesars saw its profits rise by 10.7% to $57.2 million, while Hard Rock experienced a 7.9% increase, reaching $135.4 million.

Declining Profits Across the Board

The decline in profits has been felt across various casinos, with Bally’s experiencing the most significant drop. Its profits plummeted nearly 77%, falling from $11.1 million in 2023 to just $2.5 million in 2024. Borgata Hotel Casino & Spa reported a decrease of 7.7%, bringing its profit down to $208.5 million. Other casinos, such as Golden Nugget, Harrah’s, Ocean Casino Resort, Resorts Casino Hotel, and Tropicana, also faced significant declines in their operating profits.

Industry experts attribute the decline in profits to several factors, with rising operational costs being a primary concern. Jane Bokunewicz, director of the Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism at Stockton University, noted that increased expenses and a slowdown in consumer demand have significantly impacted profitability.

While internet gambling and sports betting have shown continued growth, this revenue increase has not been sufficient to counterbalance the rising costs faced by casinos.