New Jersey Casino Revenues and Profits Slump in Q4 2024

The New Jersey Division of Gaming Enforcement has revealed the results for all nine licensed casinos in New Jersey. The results show drops in gross operating profits and net revenues across the board in Q4 2024 and 2024 as a whole compared to the previous year. 

Gross operating profit in Q4 2024 dropped by 9.8% compared to the same period the previous year, falling to $128.2 million. Meanwhile, gross operating profit for the whole of 2024 also declined by 9.3% to $675.1 million. The situation wasn’t much better for net revenues, falling year-on-year by 0.4% in Q4 and 0.1% in 2024.  

The results are only tied to brick-and-mortar casinos, and not the New Jersey online casino market.

Bally’s Atlantic City profits dip headlines Q4 results

Six casinos in New Jersey reported falls in gross operating profits in Q4 2024, with Bally’s Atlantic City seeing the most dramatic fall. After reporting gross operating profit of $1.8 million in Q4 2023, the casino lost over $4.2 million in Q4 2024, a decline of over 326%. No other casino came close to such a drastic difference.

However, other gambling locations seeing weaker profits contributed similar amounts to the lower state-wide total. Borgata generated the most significant gross operating profits in Q4 2024 at $42 million, 12.3% less than the $47.9 million brought in the previous year. 

Meanwhile, Golden Nugget's profits declined by over 50% to $3 million, Harrah’s saw profits fall by 32.5% from $13.3 million to $8.9 million, and Ocean Resort's profits were 6.4% lower. 

It’s worth noting that while land-based casino profits dropped in Q4, the state also broke its online casino revenue record in November, with online operators collecting $214 million. Residents continue to take advantage of New Jersey online casino no deposit bonuses.

Caesars among casinos seeing profit increases

However, it wasn’t all doom and gloom for New Jersey casino profits in Q4 2024, with Resorts Casino managing to turn a profit of over $97,000 in Q4 after losing around $937,000 in Q4 the year prior. Meanwhile, Tropicana Casino boosted its profits by 11.6%, rising from $14.6 million to $16.3 million.

However, Caesars was the biggest beneficiary in Q4, with profits increasing by 120.2% from $3.8 million to $8.5 million. However, considering Caesars Entertainment owns Caesars, which added around $4.6 million to its profits, and Harrah’s, which lost around $4.5 million, it was still a mixed bag.

Year-long profits dominated by losses

If the Q4 2024 profit drops were an outlier compared to the other three quarters, it wouldn’t be as much of an issue for NJ casino operators. However, over the course of the entirety of 2024, all but two casinos saw profits fall.

Q4 2024 winner Caesars was one of those casinos that ended 2024 with a 10.7% increase in profits, while Hard Rock also saw profits jump by 7.9%.

However, casinos like Resorts Casino (-43.8%), Golden Nugget (-39.5%), Harrah’s (-20.4%), Ocean Resort (-13.6%), and Tropicana (-11.5%) saw profits decline. The biggest profit generator in New Jersey, Borgata, saw gross operating profit fall by 7.7% from $226.1 million to $208.5 million.

Bally’s Atlantic City was once again the biggest loser, with its 2024 profits falling by 76.8% compared to 2023, cratering to $2.5 million.