Comments from Jane Bokunewicz, faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism (LIGHT), Stockton University School of Business, on the December 2025 numbers released Friday by the New Jersey Division of Gaming Enforcement:

Annual brick-and-mortar gaming revenue has remained essentially flat since 2022, while internet gaming continues to grow exponentially — eclipsing brick-and-mortar gaming for the first time in 2025. This contrast between industry segments is indicative of a maturing brick-and-mortar market and an internet gaming market that is still growing.

This contrast is especially clear in a month like December 2025 when winter weather events and New Year’s Eve falling mid-week appear to have had an impact in casino operator’s brick-and-mortar returns for the month (down 6.7% compared to December 2024). Internet gaming revenues, however, continued to grow unhindered. Without diminishing the returns from traditional gaming, internet gaming and sports wagering continue to grow, representing an ever-increasing share of total gross gaming revenue for casino operators. In 2021, these new gaming segments represented 40% of total revenues for the year, four years later they now represent 55%.  

News from Atlantic City’s casino operators continues to be bittersweet as record year-end total gross gaming and near-term record annual brick-and-mortar gaming revenues mask other market challenges. Operators continue to struggle with increased labor costs and increases in the cost of goods and services. These and other factors will likely draw net revenue and gross operating profits down. We will not get a full picture of the industry’s 2025 performance until net revenues and gross operating profits are reported later this spring.

Performance among the different operators remains varied with four seeing year-over-year gains in year-end brick-and-mortar gaming revenues and five seeing year-over-year declines. However, all seemed to have struggled in December 2025 with all but one recording month-over-month decreases in brick-and-mortar revenues.