April 2025
In LIGHT of the data.
April continued a worrisome trend for Atlantic City's brick-and-mortar operators as
internet gaming revenue surpassed traditional casino revenue for the third time in
four months (and the fourth time to date). While internet gaming did not set another
single-month revenue record, it surpassed April 2024 by 25%. In comparison, brick-and-mortar
operations made it through the month with a nearly 3% (2.7%) decline year-over-year.
This emerging dynamic further underlines the importance of operators' investment in
the in-person gaming experience. We can expect to see continued investment in live
events, resort amenities and other activities unique to the Atlantic City experience
in an effort to entice patrons to make a visit to the destination, even if online
gaming offerings remain popular.
With internet and sports gaming revenues included, casino licenses reported near-record single total month gross gaming revenue, however this landmark is overshadowed by the reality that much of this revenue is generated by internet operations and is more likely to benefit third-party operators. At $210 million, brick-and-mortar gaming revenue totals for April 2025 were some of the worst single month returns in several years.
With first quarter 2025 we continue to see a disconnect between gross gaming and net gaming revenues. Despite record and near-record total gross gaming returns to start the year, operators ended the quarter with net revenues less than the same periods in 2024 and 2023 — breaking a three-year trend of year-over-year growth in first quarter returns following the pandemic. Given the popularity of internet gaming and the necessity of sharing these revenues with third-party vendors, Atlantic City’s casino operators have been, perhaps, keeping less of the total gross gaming revenues than ever before.
Unsurprisingly, as a result of these declines paired with higher operating costs, first quarter 2025 gross operating profits ($131.97 million) were approximately 15% behind the same period in 2024 ($155.42 million). This is still notably an improvement over 2019 when the nine casino properties realized $85.67 million in GOP for the period.
First-quarter occupancy rates in 2025 (62.9%) seemed to have trended slightly downward from the same period last year (64.8%). This is consistent with the 6.5% decline seen in first-quarter 2025 vehicle counts (3.7 million) through the Pleasantville toll plaza on the Atlantic City Expressway (a proxy for city visitation) compared to the same period in 2024 (3.95 million). Air passengers through Atlantic City International Airport were also down by about 22% for the same period year-over-year.
It’s difficult to tell whether the visitation and/or occupancy declines were driven by a more severe winter season than we’ve seen in recent years or other widespread economic factors. Likely multiple factors are contributing to this challenging period in the life of Atlantic City’s casino industry. These dynamics were recently discussed more in depth at LIGHT’s 2025 Jersey Shorecast.
Experts speaking at the event were cautiously optimistic for the summer season, expecting recent increases in meetings bookings and the return of large-scale citywide events to offset some of the industrywide challenges likely to persist through the summer season. The first quarter is rarely a great predictor of the summer season, which continues to rely on a variety of factors outside of local control (among them the ever-present effect of weather!). It has consistently been shown that higher total gross gaming revenue returns are also not a great predictor of the industry’s profitability. Although total GGR trends for April and May have been positive, we will know more with the release of net revenue and GOP data on the second quarter.
Atlantic City Gaming Win & Total Casino Revenue
Source: N.J. Division of Gaming Enforcement
| Monthly Revenue (Casino Licensees, $ In Thousands |
April 2025 |
% Change from Prior Year | April 2024 | YTD
2025 |
% Change from Prior Year | YTD 2024 |
|---|---|---|---|---|---|---|
| Casino Gaming Win | $210,962 | -2.7% | $216,834 | $855,390 | -2% | $873,220 |
| Internet Gaming Win | $235,152 | 25.2% | $187,879 | $908,421 | 21.0% | $750,690 |
| Sports Wagering Revenue* | $56,320 | 88.3% | $29,911 | $201,910 | 33.4% | $151,396 |
| Total Gaming Win (includes Internet & Sports Wagering) | $502,435 | 15.6% | 434,624 | $1,965,720 | 10.7% | $1,775,310 |
| Quarterly Revenue (Industry, $ In Millions)** | Q1 2025 | % Change from Prior Year | Q1 2024 | YTD March 31, 2025 | % Change from Prior Year | YTD March 31, 2024 |
|---|---|---|---|---|---|---|
| Casino | $389.99 | -6.6% | $417.74 | $389.99 | -6.6% | $417.74 |
| Rooms |
$137.58 |
-7.1% | $148.13 | $137.58 | -7.1% | $148.13 |
| Food & Beverage | $123.05 | -5.1% | $129.69 | $123.05 | -5.1% | $129.69 |
| Entertainment & Other | $79.71 | 7.2% | $74.37 | $79.71 | 7.2% | $74.37 |
| Casino Licensees Total Net Revenue | $730.34 | -5.1% | $769.92 | $730.34 | -5.1% | $769.92 |
| Gross Operating Profit (GOP) | $131.97 | -15.1% | $155.41 | $131.97 | -15.1% | $155.41 |
* Data as reported in New Jersey Division of Gaming Enforcement Monthly Financial Reports for individual licensees for respective months. May not match Monthly Press Releases and Statistical Summaries.
** Data agregated from New Jersey Division of Gaming Enforcement Quarterly Financial Reports for individual properties. May not match totals from Quarterly Press Releases and Statistical Summaries, which represent a 'snapshot' of data at the time of publication and are not retroactively updated.
Atlantic City Hotel Lodging
Source: N.J. Division of Gaming Enforcement
| Casino Hotel Lodging Statistics For the Period Ended December 31, 2024 & 2023 |
Q1 2025 | Q1 2024 | YTD 2025 | YTD 2024 |
|---|---|---|---|---|
| Occupancy percentage | 62.9% | 64.8% | 62.9% | 64.8% |
| Average Daily Room Rate (ADR) | $159.13 | $164.20 | $159.13 | $164.20 |
| Revenue Per Available Room (RevPAR)* | $100.13 | $106.43 | $100.13 | $106.43 |
* RevPAR= ADR X Occupancy Percentage
Atlantic City Casino Operator Taxes & Fees
Source: N.J. Division of Gaming Enforcement
Total Paid Taxes & Fees |
220,981,303 | $202,372,000 | 9.2% | |||
|---|---|---|---|---|---|---|
Taxes & Fees |
Q4 2024 | Q4 2023 | % | |||
|
Casino Gaming Gross Revenue Tax |
42,177,309 | $41,117,000 | 2.6% | |||
|
Internet Gaming Gross Revenue Tax |
98,285,127 | $77,886,000 | 26.2% | |||
|
Sports Wagering - Retail Gross Revenue Tax (includes racetracks) |
604,230 | $1,039,000 | -41.8% | |||
|
Sports Wagering - Internet Gross Revenue Tax (includes racetracks) |
32,890,931 | $37,005,000 | -11.1% | |||
| Investment Alternative Tax/CRDA Obligations | 24,686,158 | $21,425,000 | 15.2% | |||
| 1.25% Additional Tax | 1,693,445 | $1,405,000 | 20.5% | |||
| 1.25% EDT | 1,545,570 | $2,308,000 | -33.0% | |||
| Luxury Tax | 8,516,928 | $9,556,000 | -10.9% | |||
| Tourism Promotion Fee | 1,899,002 | $1,945,000 | -2.4% | |||
| Hotel Room Fee | 2,758,068 | $2,795,000 | -1.3% | |||
| Hotel Room Surcharge | 1,838,712 | $1,863,000 | -1.3% | |||
| Parking Fees | 4,085,823 | $4,028,000 | 1.4% | |||
Atlantic City Casino Operator Spending
Source: Casino Association of New Jersey - Member Reported
| Total | $143,126,063 | $195,709,609 | -26.9% | ||
|---|---|---|---|---|---|
Purchase of Goods and Services From New Jersey Vendors(By County) |
Q4 2024 | Q4 2023 | % | ||
| Atlantic | $87,157,650 | $104,259,719 | -16.4% | ||
| Bergen | $3,016,168 | $3,824,017 | -21.1% | ||
| Burlington | $3,210,041 | $3,748,473 | -14.4% | ||
| Camden | $4,505,412 | $5,710,417 | -21.1% | ||
| Cape May | $2,338,743 | $1,973,663 | 18.5% | ||
| Cumberland | $4,396,910 | $5,057,329 | -13.1% | ||
| Essex | $10,414,741 | $10,882,741 | -4.3% | ||
| Gloucester | $2,273,721 | $1,887,328 | 20.5% | ||
| Hudson | $788,450 | $430,000 | 83.4% | ||
| Hunterdon | $18,693 | $43,220 | -56.7% | ||
| Mercer | $4,282,983 | $6,323,970 | -32.3% | ||
| Middlesex | $3,635,497 | $2,701,847 | 34.6% | ||
| Monmouth | $3,479,775 | $2,779,288 | 25.2% | ||
| Morris | $2,364,116 | $2,441,912 | -3.2% | ||
| Ocean | $1,809,421 | $920,066 | 96.7% | ||
| Passaic | $1,284,891 | $1,055,955 | 21.7% | ||
| Salem | $76,624 | $96,747 | -20.8% | ||
| Somerset | $2,448,137 | $1,927,589 | 27.0% | ||
| Sussex | $5,974 | $8,493 | -29.7% | ||
| Union | $5,615,129 | $4,545,689 | 23.5% | ||
| Warren | $2,963 | $1,097 | 170.2% | ||
Other Spending |
Q4 2024 | Q4 2023 | % | |||
|---|---|---|---|---|---|---|
| Capital Expenditures | $46,984,010 | $64,227,515 | -26.8% | |||
| PILOT Contributions (Includes PILOT & additional payments under PILOT legislation) | $28,616,166 | $28,242,109 | 1.3% | |||
| CRDA Special Improvement District | $323,863 | $322,582 | 0.4% | |||
| Municipal/Atlantic City Fees- Water | $1,380,885 | $1,410,845 | 46.3% | |||
| Municipal/Atlantic City Fees- Sewer | $1,380,885 | $1,410,845 | -2.1 | |||
|
Municipal/Atlantic City Fees- Other (permits, boardwalk seating, mercantile etc.) |
$723,083 | $494,103 | 46.3% | |||
| Charitable Contributions | $203,816 | $252,181 | -19.2% | |||
Total Spending |
$365,450,328 | $452,528,097 | -19.2% |
|---|
Atlantic City Statistical Transportation Data
Source: South Jersey Transportation Authority
| Travel Mode | March 2025 |
March 2024 |
Change from Prior Year |
YTD 2025 |
YTD 2024 |
Change |
|---|---|---|---|---|---|---|
| AC Expressway | ||||||
| Total Toll-Paying Traffic Pleasantville Toll Plaza |
1,364,093 | 1,364,093 | -5.7% | 3,691,804 | 3,950,194 | -6.5% |
| AC Airport | ||||||
| Scheduled Service Passengers | 63,981 | 94,832 | -32.5% | 185,344 | 237,500 | -22.0% |
| Charter Passengers | 5,678 | 7,605 | -25.3% | 15,884 | 19,009 | -16.4% |
| Total Air Passengers | 69,659 | 102,437 | -32.0% | 201,228 | 256,509 | -21.6% |
Atlantic City Meetings and Conventions Data
Source: Vist Atlantic City
| April '25 | April '24 | % Change from Prior Year |
TOTAL 2025 YTD |
TOTAL 2024 YTD |
% Change from Prior Year |
|
|---|---|---|---|---|---|---|
| Conventions/Tradeshows/Meetings1 | ||||||
| # of Shows | 7 | 5 | 40% | 26 | 27 | -4% |
| # of Room Nights | 7,062 | 6,034 | 17% | 46,905 | 45,457 | 3% |
| # of Attendees3 | 32,867 | 31,377 | 5% | 204,053 | 210,786 | -3% |
| Delegate Spending | $7,936,755 | $6,957,919 | 14% | $55,018,808 | $48,108,651 | 14% |
| Boardwalk Hall Bookings | ||||||
| # of Shows | 3 | 4 | -25% | 12 | 9 | 33% |
| # of Attendees | 15,544 | 22,703 | -32% | 55,105 | 57,687 | -4% |
| Hotel Bookings | ||||||
| # of Shows | 18 | 14 | 29% | 51 | 46 | 11% |
| # of Room Nights | 10,309 | 8,190 | 26% | 47,312 | 36,288 | 30% |
| # of Attendees | 11,697 | 7,230 | 62% | 52,928 | 39,112 | 35% |
| Delegate Spending | $6,455,747 | $4,262,043 | 51% | $31,398,656 | $22,528,331 | 39% |
| Monthly Totals | ||||||
| # Convs_Trade_Mtgs / Boardwalk Hall / Hotel | 28 | 23 | 22% | 89 | 82 | 9% |
| # of Room Nights | 17,371 | 14,224 | 22% | 94,217 | 81,745 | 15% |
| # of Attendees | 60,108 | 61,310 | -2% | 312,086 | 307,585 | 1% |
| Delegate Spending | $14,392,502 | $11,219,962 | 28% | $86,417,464 | $70,636,982 | 22% |
1Includes Visit Atlantic City events booked at Boardwalk Hall
3Variance in attendance numbers due to revisions in calculating and tracking methods
Atlantic City Information
Atlantic City mayor announces $258 million budget, 3.4-cent municipal property tax decrease in 2025 - As reported by The Press of Atlantic City, on April 16, Atlantic City Mayor Marty Small Sr. announced a 3.4-cent tax rate decrease in 2025 as part of a $258 million city budget. This marks the sixth straight year the tax rate has decreased.
Atlantic County Superior Court judge denies motion to dismiss charges against Atlantic City mayor and schools superintendent - As reported by The Press of Atlantic City, Marty Small Sr., 51, and his wife, La’Quetta Small, 48, are each charged with endangering the welfare of a child in connection with alleged abuse of their teenage daughter. Mayor Small also is charged with terroristic threats, aggravated assault and witness tampering. Both have pled not guilty, and in an April 15 hearing before Judge Bernard DeLury their attorneys requested that the charges against them be dismissed. This request was denied and their trial is expected to start in July.
New York developer to invest $1 billion in Claridge Hotel and adjacent former Sands Casino Hotel site - As reported by The Press of Atlantic City and Casino.org, New York Developer, D-Wayne Prieto, has told the press he plans to invest more than $1 billion on new entertainment, recreation and residential projects at the Claridge Hotel and the adjacent site of the former Sands Casino Hotel. The proposed projects include an outdoor ski slope, 20,000 seat stadium, 1,500 new apartment units, an 800-room hotel, a 30,000-square-foot esports center; a 40,000-square-foot spa and bathhouse and various other new shops, restaurants and outdoor recreation spaces. Prieto has yet to secure ownership of Claridge (owned by Florida-based TJM Properties) or the adjacent former Sands site, but says deals and significant funding have been lined up for the projects.
Officials meet with residents of the Atlantic City Housing Authority - As reported by The Press of Atlantic City, Secretary of Housing and Urban Development Scott Turner and U.S. Rep. Jeff Van Drew, met with residents of the Atlantic City’s public housing and community leaders on May 2. Residents filed a lawsuit in November 2022 seeking to hold the Housing Authority accountable for a lack of reliable heat and hot water, gas leaks and other poor conditions at Stanley Holmes Village. According to Van Drew, the listening session marks the first time the secretary of HUD has visited the Atlantic City Housing Authority.
Pop Lloyd Stadium reopens following $5 million renovation project - As reported by The Press of Atlantic City, city officials marked the reopening of the historic stadium (now renovated to host multiple sports including baseball, softball and flag football) with a ribbon cutting on April 29. In November 2022, city officials announced that funds from the American Rescue Plan (a $1.9 trillion COVID-19 relief packaged passed by Congress in 2021) would be used to renovate the stadium. Work began June 2024. The newly renovated stadium features a navy blue artificial turf field along with a new sound system, scoreboard, bleachers, dugouts, locker rooms, restrooms, lighting and fencing.
Settlement reached in PILOT lawsuit - As reported by PlayNJ and Casino.org, the State of New Jersey and Atlantic County have agreed to settle a 2021 lawsuit regarding amendments to the Atlantic City casino payment in lieu of taxes (PILOT). The county received $15 million as part of the settlement agreement and county representatives said the county had secured $59 million more than they would have if they had not challenged PILOT.
Stockton student murals featured at Atlantic City International Airport - As reported by Stockton University and SNJ Today, two senior art students, Evan Carr and Laura Randall, won a mural competition hosted by the Atlantic City International Airport. Their works, on the theme of "The Future of Aviation" were unveiled in a ceremony at the airport on April 25.
New Jersey Gaming News
Borgata announces release of new omnichannel slot experience - As reported by PlayNJ, Borgata Atlantic City and BetMGM Casino have announced the omnichannel launch of 'Triple Treasure' a new slot by AGS. The slot at the land-based Borgata was only available through April 18. VIPs can also play the slot online, with a chance to compete in an online leaderboard.
New Jersey Responsible Gaming Task Force publishes recommendations - As reported by The Press of Atlantic City, PlayNJ, and Casino.org, the Responsible Gaming Task Force has published their 'Report to the Governor on Responsible Gaming.' The report calls for changes across the gaming industry (beyond casino gaming) to improve accessibility to and consistency in use of responsible gaming tools and resources. Among other recommendations, the report also advocates for a statewide responsible-gambling board, clearer guidelines for all betting advertisements and education at the elementary school level.
Ocean Casino Resort commits $50 million to capital investments in 2025 - As announced by Ocean Casino Resort and reported on by Play NJ and Casino.org, Ocean Casino Resort (which will soon celebrate its sevent anniversary) will commit $50 million to property-wide capital investment in 2025. The planned projects are part of a seven-year, $270 million property transformation that Ocean has been implementing since its inception in 2018. Work in 2025 includes more than 500 new Blu Rooms and Suites, a casino expansion, five new dining options and more.
Over objections of New Jersey gaming regulators, "predictions" company Kalshi permitted to offer contracts on sporting events - As reported by The Press of Atlantic City, despite a challenge raised by New Jersey gaming regulators, a federal judge ruled in favor of Kalshi, a New York-based “predictions” company, permitting the company to offer two-outcome contracts on sporting events. Opponents allege the contracts amount to offering illegal sports bets, and in March, New Jersey regulators sent cease-and-desist letters to Kalshi and another similar firm, Robinhood. Kalshi then sued gambling regulators in New Jersey and Nevada, which had taken similar enforcement action against the company. A court in Nevada also ruled in favor of the company.
National Gaming News
Casino industry mourns the passing of Elaine Wynn at age 82 - As reported by Casino.org, Elaine Wynn, co-founder of Wynn Resorts and a leader in the casino community, has died at age 82. Her obituary in the New York Times.
Commodity Futures Trading Commission drops challenge, predictions market allowed to take 'bets' on U.S. Elections - As reported by The Press of Atlantic City, regulators of the emerging predictions market, the Commodity Futures Trading Commission, has halted efforts to block "predictions" companies from taking what amounts to bets on the outcome of U.S. elections.
DraftKings steps back from prediction markets application - As reported by Casino.org, DraftKings, which had submitted an application to the National Futures Association (NFA) that would have allowed the company to enter the fast-growing prediction markets space, has withdrawn its application and stepped back from plans to develop a prediction market product for the brand. Had the company persisted, they might have launched “DraftKings Predict” as a competitor for Kalshi and PredictIt, two of the prediction market's leaders.
Las Vegas Sands says it will not pursue a downstate New York gaming license - As reported by Casino.org, Las Vegas Sands has announced that it will stop pursuing a downstate New York gaming license. Sands, viewed as one of the leading contenders for the highly sought after gaming licenses (three total are to be awarded), will no longer pursue plans for a $5 billion project in Nassau County at the site of the Nassau Coliseum. Sands operators noted the competition from iGaming contributed to their decision to walk away.
Leaders gather for 28th East Coast Gaming Congress, Jim Allen honored with lifetime achievement award - As reported by The Press of Atlantic City, leaders gathered in Atlantic City for the 28th annual East Coast Gaming Congress on April 15-16. A lineup of nearly 40 industry leaders shared their thoughts on the industry and its future. Discussion centered on this year's theme “Many Pathways, One Future.” Further reporting from The Press of Atlantic City.
Pennsylvania joins multi-state internet gaming agreement - According to an April 23 news release from the Pennsylvania Gaming Control Board, Pennsylvania has officially joined five other states as a member of the Multi-State Internet Gaming Agreement (MSIGA) for poker. As of April 28, Pennsylvania's online poker players (an estimated 150,000 individuals) will now have access to an expanded pool of players including peers in New Jersey, Nevada, Delaware, West Virginia and Michigan. With the Commonwealth’s entry into MSIGA, Pennsylvania becomes the largest state in the shared market that now covers over 38 million Americans. Further reporting from PlayUSA.
Sportsbooks anticipate record year for Kentucky Derby betting - According to Legal Sports Report, racebooks expected wagering on the 151st Kentucky Derby (held May 3) to continue record-breaking trend for handle. In 2024, the event drew $210.7 million in wagering handle exceeding the previous year’s $188.7 million. According to further reporting by Legal Sports Report, the Kentucky Derby is still not nearly as large as the other marquee betting events on the sports calendar, including the Super Bowl (more than $1.5 billion in legal wagers) the largest single-day betting event in the country.
Study finds unregulated gaming sites generated an estimated $67 billion in revenue in 2024 - As reported by Casino.org, the Campaign for Fairer Gambling commissioned Denver-based gaming consultancy Yield Sec to conduct a study of the legal and illegal online gaming market in the United States. Yield Sec researchers found that illegal operators now control 74% of America’s $90.1 billion online gambling market ($67 billion), and that U.S. audiences looking for online gaming are exposed to illegal gambling content 88% of the time, across their online activity.
Hospitality & Tourism News
Boardwalk Tram Tours launches in Atlantic City - As reported by The Press of Atlantic City, a new attraction, Boardwalk Tram Tours, has come to Atlantic City. City and state officials joined representatives of Boardwalk Tram on April 30 to celebrate the launch on the Boardwalk in front of Stockton University’s Atlantic City campus. Boardwalk Tram Tours will offer a narrated tour of the city — from its history to its dining and other attractions.
Historian Ralph Hunter recognized with CRDA Spirit of Hospitality Award - As reported by The Press of Atlantic City, city historian and founder/president of the African American Heritage Museum of Southern New Jersey, Ralph Hunter was recognized for his many years of contributions to the Atlantic City tourism and hospitality industry at the Casino Reinvestment Development Authority's annual Host Awards held on May 7 at Jim Whelan Boardwalk Hall. Hunter, 87, has received more than 200 awards during the past 25 years and is lauded by City Council President and 1st Ward Councilman Aaron “Sporty” Randolph for his contributions “to the heart of Atlantic City and the fabric of Atlantic City.”
Jersey Shore businesses expect foreign workers to return for Summer 2025 - As reported by The Press of Atlantic City, Jersey Shore businesses are not reporting any difficulty securing foreign student, J-1 Visa, workers for the upcoming summer season despite concerns. New Jersey businesses employ about 9,000 J-1 Visa students each year.
State begins work at Cape May's Higbee Beach Wildlife Management Area - As reported by The Press of Atlantic City, a state project is underway, aimed at improving flood protection and public access to the site, and restoring historic tidal patterns to hundreds of acres of marsh. The state Department of Environmental Protection says the $37.5 million project will improve habitat for wildlife and reduce the monoculture of phragmites that cover a wide swath of marsh. The tall reeds offer little to migrating or native species, according to state biologists. Access to the beach (through the preserved area) will be closed to the public likely until December 2026. Other areas of the park will remain accessible.
LIGHT Snapshots is a publication of the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism, Stockton University School of Business
Jane Bokunewicz, Ph. D., Faculty Director and Professor of Hospitality
