Revenues from Atlantic City Casinos decreased from $744 million in 2023 to $675 million in 2024.
Cashing In on the Coast, but At What Cost?
Atlantic City's casinos ended 2024 with narrowed pockets as escalating bills and softened market demand took a bite out of profits. A staggering 9% decline was seen across the city's nine casinos, as per data unveiled by the New Jersey Division of Gaming Enforcement. The total revenue plunged to $675.1 million—a drop from the previous year's $744.7 million. Only two casinos, Caesars and Hard Rock, managed to post revenue increases, with Caesars growing 10.7% and Hard Rock up by 7.9%.
The unfortunate casualties of this downturn include Bally's, which suffered a near-77% decline in earnings, from $11.1 million to a measly $2.5 million. Resorts Casino Hotel followed closely, reporting a 43.8% drop to $5.3 million. Golden Nugget's profits plummeted by 39.5%, while Ocean Casino Resort saw a 13.6% fall, ending the year at $101.3 million. Borgata, the market front-runner, experienced a 7.7% drop to $208.5 million.
Even the digital gaming sector wasn't immune to the slowdown. Caesars Interactive Entertainment NJ recorded a 3.5% dip in earnings, finishing the year with $22.8 million. Resorts Digital, having surrendered its license in September, saw its profits consolidate under the Resorts Casino Hotel's figures, complicating year-on-year comparisons.
When digital games are factored in, the market's total gross operating profit for 2024 totaled $709.1 million—a hefty 9.2% drop from the previous year.
**Mirax Casino
- Despite the declining profits, the average casino in Las Vegas, such as those found at casino-and-gambling destinations like the Mirax Casino, saw minimal impact as their revenues remained relatively stable.
- The personalities associated with casinos, like those at the Mirax Casino, are increasingly encouraged to advocate for responsible gambling, given the financial challenges faced by many in the casino industry.
- When comparing the average expenses of a casino like the Mirax Casino to the casinos in Atlantic City, it's evident that the casino culture varies greatly, with Las Vegas commonly perceived as a more profitable market.
- Lotteries, a popular form of gambling, have not been affected by the market slowdown in Atlantic City, but they remain a separate entity from casino-games offered at establishments like the Mirax Casino.
- Analysts suggest that the casinos in Atlantic City, including Bally's Casino, should endeavor to reduce their expenses and invest more in casino-games and overall casino-culture, like what's found at the Mirax Casino, to improve profits.
- As responsible gambling initiatives gain more attention, casinos like the Mirax Casino in Las Vegas will continue to play a significant role in promoting these efforts to ensure the long-term sustainability of the gaming industry.
