November 2025 Snapshots
In LIGHT of the data.
An extra Saturday and some notable gains in table games revenue for operators lead
to a near-term, record-high November brick-and-mortar gaming revenue for Atlantic
City’s casinos. Coupled with solid performances from internet gaming and sports wagering,
Atlantic City’s operators realized a November nearly as strong as any summer month.
However, this performance was not uniform across the market with individual operators
seeing mixed results.
Year-to-date gross gaming revenues seem on track to more than exceed 2024 for total
revenues. How this will translate to net revenue gains and industry profitability
will not be known until next spring when the fourth quarter data is released. In prior
quarters, headwinds from increased costs (and regional competition for patrons) narrowed
margins for operators resulting in lower bottom lines, despite initial gross revenue
gains.
The third quarter data from the DGE confirms what had been feared – this summer’s
record total Gross Gaming Revenues simply did not translate into Gross Operating Profit
gains for Atlantic City’s casino operators.
While 2025 Net Revenue remained on par with 2024’s, it was not enough to stop a trend
of decreases in third quarter gross operating profits (GOP). Since a near-term peak
of nearly $311 million in third quarter GOP in 2021, GOP for the third quarter has
consistently declined year to year.
Likewise, occupancy for the quarter, while on par with third quarter 2024 (84.15%),
came at the expense of an over $5 decrease in year-over-year average daily room rate
and 17,579 fewer available room nights.
Year-to-date data shows evidence of similar pressures on Net Revenue, Occupancy and
Gross Operating Profit consistent with national economic trends. Notably, while there
seems a great degree of variability of experience/performance among Atlantic City’s
gaming operators, “luxury” casino brands appear to be more insulated from recent market
disruptions than others.
While these observed trends are concerning, they are not unique to the gaming industry
or to Atlantic City’s casinos. Operating costs continue to increase across tourism,
hospitality and service industries, even as consumers find it more difficult to afford
daily necessities let alone rare indulgences.
Atlantic City Gaming Win & Total Casino Revenue
Source: N.J. Division of Gaming Enforcement
| Monthly Revenue (Casino Licensees, $ In Thousands |
November 2025 |
% Change from Prior Year | November 2024 | YTD
2025 |
% Change from Prior Year | YTD 2024 |
|---|---|---|---|---|---|---|
| Casino Gaming Win | 236,807 | 5.7% | 223,948 | 2,678,019 | 3.6% | 2,585,754 |
| Internet Gaming Win | 253,047 | 18.2% | 214,021 | 2,638,063 | 22.2% | 2,159,153 |
| Sports Wagering Revenue* | 82,036 | 24.5% | 65,897 | 603,518 | 30.5% | 462,609 |
| Total Gaming Win (includes Internet & Sports Wagering) | 571,890 | 13.5% | $503,868 | 5,919,600 | 13.7% | 5,207,853 |
| Quarterly Revenue (Industry, $ In Millions)** | Q3 2025 | % Change from Prior Year | Q3 2024 | YTD September 30, 2025 | % Change from Prior Year | YTD September 30, 2024 |
|---|---|---|---|---|---|---|
| Casino | $449.23 | 4.1% | $431.61 | $1,265.02 | 0.2% | $1,236.01 |
| Rooms | $229.16 | -3.8% | $238.33 | $542.42 | -4.7% | $569.15 |
| Food & Beverage | $162.55 | -1.6% | $165.13 | $425.05 | -3.3% | $439.40 |
| Entertainment & Other | $101.15 | -6.4% | $108.10 | $399.24 | 47.2% | $271.30 |
| Casino Licensees Total Net Revenue | $942.09 | -0.1% | $943.16 | $1,366.71 | 6.8% | $1,279.84 |
| Gross Operating Profit (GOP) | $236.22 | -2.7% | $242.86 | $556.89 | -3.4% | $576.66 |
* 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. Does not include Racetracks.
** 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 September 30, 2025 & 2024 |
Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 |
|---|---|---|---|---|
| Occupancy percentage | 84.3% | 84.1% | 73.3% | 74.1% |
| Average Daily Room Rate (ADR) | $195.40 | $201.08 | $178.12 | $182.97 |
| Revenue Per Available Room (RevPAR)* | $164.72 | $169.11 | $130.56 | $135.58 |
* RevPAR= ADR X Occupancy Percentage
Atlantic City Casino Operator Taxes & Fees
Source: N.J. Division of Gaming Enforcement
Total Paid Taxes & Fees |
$308,255,650 | $231,340,000 | 9.34% | |||
|---|---|---|---|---|---|---|
Taxes & Fees |
Q3 2025 | Q3 2024 | % | |||
|
Casino Gaming Gross Revenue Tax |
$52,431,661 | $50,609,000 | 3.60% | |||
|
Internet Gaming Gross Revenue Tax |
$146,247,252 | $90,330,000 | 61.90% | |||
|
Sports Wagering - Retail Gross Revenue Tax (includes racetracks) |
$559,240 | $942,000 | -40.63% | |||
|
Sports Wagering - Internet Gross Revenue Tax (includes racetracks) |
$48,894,653 | $32,493,000 | 50.48% | |||
| Investment Alternative Tax/CRDA Obligations | $28,847,645 | $25,017,000 | 15.31% | |||
| 1.25% Additional Tax | $1,806,161 | $1,775,000 | 1.70% | |||
| 1.25% EDT | $1,315,194 | $1,494,000 | -11.97% | |||
| Luxury Tax | $14,833,994 | $15,129,000 | -1.95% | |||
| Tourism Promotion Fee | $2,598,635 | $2,530,000 | 2.67% | |||
| Hotel Room Fee | $3,518,151 | $3,555,000 | -1.06% | |||
| Hotel Room Surcharge | $2,345,434 | $2,370,000 | -1.04% | |||
| Parking Fees | $4,857,630 | $5,092,000 | -4.62% | |||
Atlantic City Casino Operator Spending
Source: Casino Association of New Jersey - Member Reported
| Total | $165,803,924 | $154,678,000 | 7.19% | ||
|---|---|---|---|---|---|
Purchase of Goods and Services From New Jersey Vendors(By County) |
Q2 2025 | Q2 2024 | % | ||
| Atlantic | $96,449,821 | $100,051,000 | -3.6% | ||
| Bergen | $1,763,377 | $2,542,000 | -30.6% | ||
| Burlington | $3,166,977 | $3,859,000 | -17.9% | ||
| Camden | $4,995,742 | $5,117,000 | -2.4% | ||
| Cape May | $2,588,684 | $2,021,000 | 28.1% | ||
| Cumberland | $5,826,216 | $5,585,000 | 4.3% | ||
| Essex | $9,958,985 | $10,880,000 | -8.5% | ||
| Gloucester | $2,483,985 | $2,621,000 | -5.2% | ||
| Hudson | $589,799 | $621,000 | -5.0% | ||
| Hunterdon | $20,210 | $28,000 | -27.8% | ||
| Mercer | $1,5925,711 | $3,690,000 | 331.6% | ||
| Middlesex | $4,063,079 | $3,425,000 | 18.6% | ||
| Monmouth | $4,560,199 | $2,689,000 | 69.6% | ||
| Morris | $1,080,211 | $1,565,000 | -31.0% | ||
| Ocean | $1,700,347 | $880,000 | 93.2% | ||
| Passaic | $1,928,613 | $926,000 | 108.3% | ||
| Salem | $103,064 | $122,000 | -15.5% | ||
| Somerset | $2,674,073 | $2,630,000 | 1.7% | ||
| Sussex | $2 | 0 | N/A | ||
| Union | $5,917,508 | $5,421,000 | 9.2% | ||
| Warren | $7,000 | $4,000 | 82.9% | ||
Other Spending |
Q2 2025 | Q2 2024 | % | |||
|---|---|---|---|---|---|---|
| Capital Expenditures | $6,1344,192 | $47,678,000 | 28.7% | |||
| PILOT Contributions (Includes PILOT & additional payments under PILOT legislation) | $32,086,110 | $29,788,000 | 7.7% | |||
| CRDA Special Improvement District | $299,199 | $331,000 | -9.6% | |||
| Municipal/Atlantic City Fees- Water | $1,478,631 | $1,253,000 | 18.0% | |||
| Municipal/Atlantic City Fees- Sewer | $3,353,265 | $3,445,000 | -2.7% | |||
|
Municipal/Atlantic City Fees- Other (permits, boardwalk seating, mercantile etc.) |
$1,384,243 | $1,190,218 | 16.3%% | |||
| Charitable Contributions | $307,374 | $310,000 | -0.8% | |||
Total Spending |
$266,057,000 | $238,673,000 | 11.5% |
|---|
Atlantic City Statistical Transportation Data
Source: South Jersey Transportation Authority
| Travel Mode | October 2025 |
October 2024 |
Change from Prior Year |
YTD 2025 |
YTD 2024 |
Change |
|---|---|---|---|---|---|---|
| AC Expressway | ||||||
| Total Toll-Paying Traffic Pleasantville Toll Plaza |
1,464,197 | 1,474,813 | -0.7% | 15,017,834 | 15,402,227 | -2.5% |
| AC Airport | ||||||
| Scheduled Service Passengers | 52,750 | 64,925 | -18.8% | 627,394 | 783,253 | -19.9% |
| Charter Passengers | 11,505 | 10,525 | 9.3% | 99,898 | 109,631 | -8.9% |
| Total Air Passengers | 64,255 | 75,450 | -14.8% | 727,292 | 892,884 | -18.6% |
Atlantic City Meetings and Conventions Data
Source: Vist Atlantic City
| November '25 | NOvember '24 | % Change from Prior Year |
TOTAL 2025 YTD |
TOTAL 2024 YTD |
% Change from Prior Year |
|
|---|---|---|---|---|---|---|
| Conventions/Tradeshows/Meetings1 | ||||||
| # of Shows | ||||||
| # of Room Nights | ||||||
| # of Attendees3 | ||||||
| Delegate Spending | ||||||
| Boardwalk Hall Bookings | ||||||
| # of Shows | ||||||
| # of Attendees | ||||||
| Hotel Bookings | ||||||
| # of Shows | ||||||
| # of Room Nights | ||||||
| # of Attendees | ||||||
| Delegate Spending | ||||||
| Monthly Totals | ||||||
| # Convs_Trade_Mtgs / Boardwalk Hall / Hotel | ||||||
| # of Room Nights | ||||||
| # of Attendees | ||||||
| Delegate Spending | ||||||
1Includes Visit Atlantic City events booked at Boardwalk Hall
3Variance in attendance numbers due to revisions in calculating and tracking methods
Atlantic City Information
City of Atlantic City announces community solar innitiative - In a November 13 press release, the City of Atlantic City announced that HESP Solar had been awarded a community solar contract. The project, which will include the installation of solar canopies at the City Hall employee parking lot on Arctic Avenue and the Public Works Complex parking lot on Albany Avenue. The city projects that residents who opt in to the program may reduce their electric bills by up to 13%.
City of Atlantic City City Council approves update to floodplain management code - As reported by The Press of Atlantic City, City Council voted 5-3 to amend Chapter 132 of the city code - aligning local rules with the state Department of Environmental Protection’s (NJDEP) proposed changes to state flood-resilience regulations. The amendment helps Atlantic City to maintain eligibility for federal insurance and grant programs.
Marty Small Sr. reelected as Atlantic City Mayor - As reported by The Press of Atlantic City, Marty Small Sr. has been reelected as Mayor of Atlantic City. Democrat Small defeated his Republican challenger, Naeem Khan, to win the mayoral election for Atlantic City. Small became acting mayor in October 2019 when he was appointed by an 8-0 council vote to the vacancy left by former Mayor Frank Gilliam Jr. He then won the Democratic mayoral primary in July 2020, and went on to win a special election against Tom Forkin in November 2020 to serve the remainder of Gilliam’s unexpired term before winning the November 2021 general election for a full term.
Municipal Stabilization and Recovery Act to expire December 2025, legislation proposed to extend it - As reported by The Press of Atlantic City and recorded by the state legislature, lawmakers have proposed legislation that would extend state oversight of Atlantic City. Bill S4845/A6118 calls for a six year extension of the act and as of December 8 was still under consideration. The 'takeover' began in 2016 and was initially set to expire after 10 years. Further coverage by Casino.org.
New Jersey Gaming News
Caesars Sportsbook at Monmouth Park Opens - As reported by Casino.org, Caesars Sportsbook at Monmouth Park opened on Nov. 21, 2025. The trackside sportsbook has indoor and outdoor seating, with more than 25 self-service betting kiosks and a Shake Shack. Additional reporting by PlayNJ.
Harrah's Resort Atlantic City Celebrates 45 years - Caesars Entertainment announced celebrations marking the 45th anniversary of Harrah's Resort Atlantic City. The announcement noted recent upgrades to hotel facilities and ammenities including upgrades to rooms and suites, and the opening of a number of celebrity chef restaurants. The resort marked the milestone with 'throwback dining specials' along with other promotions, specials and 80's themed nightlife.
Ocean Casino Resort announces the launch of “Season of Giving” campaign - As reported by Play NJ, Ocean Casino Resort is hosting its fifth annual “Season of Giving” campaign under its corporate philanthropic arm, “Ocean Cares.” The resort reports more than $239,000 in monetary donations already made in 2025, with total giving projected to surpass $280,000 by year’s end. Team members have also logged over 750 volunteer hours, complemented by significant non-monetary contributions ranging from food to essential supplies delivered to shelters, schools, and community centers.
National Gaming News
American Gaming Association Association releases American Attitudes Toward Gaming 2025 report - In an October 30 press release, the American Gaming Association (AGA) announced the release of its 2025 American Attitudes Toward Gaming report. The annual study found that more than half of American adults (57%) participated in some form of gambling in the past year. 134 million American adults, or 53% of the population, visited a casino for gambling or other entertainment purposes in the past 12 months, the highest level of casino visitation on record.
AGA releases Gaming Industry Outlook - In a November 6 press statement the AGA announced the release of the Fall 2025 Gaming Industry Outlook. AGA member executives expect increased customer activity, boosted revenues, and improved balance-sheet health over the next six to 12 months, and their business outlook has improved both near- and long-term.
Google posts clarification to Gambling and Games Social Casino Games Policy, considers sweepstakes casinos ineligible for ad certification - According to an October 28 announcement covered by SBC Americas, Google updated its Gambling and Games Social Casino Games Policy to clarify the types of games that do not meet its standards for social casino games. Under the new determination, sweepstakes casinos are ineligible for ad certification, as Google now considers sweepstakes casinos to fall outside of the purview of its social casino game advertising rules.
New York Gaming Facility Location Board announces acceptance of three downstate New York casino bids - According to a Decmber 1 release from the New York Gaming Facility Location Board bids from Bally’s (Bronx), Hard Rock (Metropolitan Park in Queens), and Resorts World (Queens) to build casinos in downstate New York. The three were the last bids standing from a pool that began in June with eight applicants. Further reporting from Casino.org and The Press of Atlantic City.
PENN Entertainment and ESPN agree to terminate sports betting agreement - According to a November 6 press release, PENN Entertainment (PENN) and ESPN mutually agreed to terminate their exclusive U.S. online sports betting (“OSB”) agreement, effective December 1, 2025. Under the original agreement, ESPN provided PENN with media, marketing services and the exclusive right to the ESPN BET trademark for OSB in the U.S. in exchange for an annual cash payment of $150 million and and warrants to purchase common stock of PENN. Following the termination, ESPN will reportedy pursue other partnerships and PENN will rebrand their OSB in the US as theScore Bet. Additional coverage by Legal Sports Report and PlayNJ.
Hospitality & Tourism News
American Hotel and Lodging Association President & CEO Testifies Before Congress - According to a November 20 press release from the American Hotel and Lodging Association (AHLA), President & CEO, Rosanna Maietta, testified before the House Energy and Commerce Subcommittee on Commerce, Manufacturing, and Trade to emphasize the central role hotels play in the U.S. economy. Maietta also highlighted the positive impact of the tax reform bill signed into law this summer, which provided long-needed clarity for hotel owners and ensured that more than 800,000 hotel employees will keep more of their earnings under the “No Tax on Tips” provision. Further reporting by Lodging Magazine.
Atlantic City Hotels With Fewer than 100 Rooms Must Implement Security Measures - As reported by Casino.org, the Atlantic City Council unanimously passed Ordinance No. 91. The ordinance implements new rules governing short-term lodging facilities in an effort to improve security measures at local lodging facilities. The revised regulations begin with an initial inspection of all hotels and motels with fewer than 100 rooms by the city’s Division of Code Enforcement and also requires all such lodging facilities to install and maintain “a functional security camera system that continuously records all common areas and exterior parts of the property.”
Travel & hospitality leaders call on U.S. House of Representatives to end government shutdown - according to a November 12 press release from AHLA, leaders from the American Hotel & Lodging Association (AHLA), Airlines for America (A4A), U.S. Travel Association, and the National Restaurant Association pressed the U.S. House of Representatives to immediately vote on the Senate-passed agreement to end the government shutdown. Later the same day, AHLA released a statement in recognition of the end of the federal government shutdown calling for a long-term budget agreement. Further reporting on the shutdown from NPR and Reuters. The 43-day shutdown (october 1 - November 12), the longest in US history, ended with a deal to extend funding through January 30.
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
