New Jersey casinos generate $784.6m net revenue for Q4, FY2025 revenue falls 0.5%

The New Jersey Division of Gaming Enforcement (DGE) has reported the state’s casino activity for Q4 and FY2025, including net revenue and gross operating profit, as revenue during the quarterly period grew 2% for a total of $784.6m. 

Despite the increase in net revenue, however, casinos currently located in New Jersey reported a gross operating profit of $124.7m for the fourth quarter of 2025, representing a decrease of 5.8%. 

How did New Jersey casinos fare during Q4 2025?

Net revenue for New Jersey casinos during Q4 2025 was led by Borgata Atlantic City, which generated just over $211.4m and increased 11.3%. Golden Nugget and Ocean Casino were the only other properties in New Jersey to report increases in net revenue year-over-year, climbing 41.3% and 3.5%, respectively, to $49.5m and $127.8m. 

Bally’s Atlantic City reported $41.5m of net revenue for Q4 2025 and decreased 3.6%, also witnessing a $7.8m gross profit loss during the quarterly period. The figure equates to a 85.4% increase from the operator’s loss for Q4 2024. 

Caesars net revenue during Q4 2025 fell 10.8% for a total of $52.2m, while Hard Rock Atlantic City generated $135.3m and decreased 3.2%. 

Harrah’s Atlantic City and Resorts reported Q4 2025 decreases in net revenue of 0.7% and 5.5%, respectively, to $62.7m and $35.6m, as Tropicana finished the quarter with $56.5m of net revenue and fell 15.4%. 

Resorts was the only other property to witness a gross profit loss for Q4 2025, decreasing by 3130.9% to a loss of $2.9m. Borgata and Golden Nugget were the only New Jersey properties to report increases in gross operating profit for Q4 2025, rising 42.5% and 329.6%, respectively, to $59.9m and $13.2m. 

Caesars gross operating profit for Q4 2025 totaled $1.4m and decreased 83.3% year-over-year, while Hard Rock Atlantic City’s operating profit fell 26.6% to $20.8m. 

Harrah’s managed to generate nearly $7m of gross operating profit for Q4 2025 but fell 22.7%, followed closely by Tropicana which produced $6m of operating profit and decreased 63.5%. Ocean Casino reported a Q4 2025 gross operating profit of $21.6m, equating to a fall of 13.3%. 

Did the state’s FY2025 results reflect a positive future for retail casinos?

Borgata was once again able to generate positive results for the full-year period, increasing net revenue 5.3% to $824.7m, and gross operating profit 13.8% to $237.4m for FY2025. Golden Nugget grew net revenue 4.1% during FY2025 to $165.7m, while gross operating profit totaled $28.3m and increased 56.9%. 

Ocean Casino joined the duo with a net revenue increase of 6.2% during FY2025, also reporting a rise in gross operating profit of 10.6% to $112.1m. Bally’s was the only property to witness a FY2025 operating loss, having decreased 209.6% to a loss of $2.8m. The property’s net revenue for FY2025 was $183.2m, equating to a fall of 8.2%. 

Caesars generated a FY2025 net revenue of $236.2m but witnessed a decrease of 8.2%, while the operator’s gross profit for the full-year period fell 40.3% to $34.2m. Hard Rock Atlantic City’s $585.5m net revenue for FY2025 equates to a decrease of 1.7%, as gross operating profit fell 8.6% to $123.8m. 

Harrah’s and Tropicana reported respective net revenues of $281.6m and $268.7m during FY2025, representing decreases of 1.4% and 7.3% from the prior year period. Harrah’s gross operating profit decreased 12% to $56.5m, while Tropicana’s fell 25% to $61.8m. 

Resorts managed to produce $172.4m of net revenue and $14.2m of gross operating profit during FY2025, with neither figure reflecting a change year-over-year, according to the DGE. 

Occupancy rates fall in New Jersey, prediction markets may rise

During Q4 2025, occupancy rates in New Jersey casinos decreased by 0.7 percentage points to 64.9%, while rates for the FY2025 period fell 0.8 points to 71.2%. 

In regulatory news concerning New Jersey, the US Court of Appeals for the Third Circuit ruled that the Commodity Futures Trading Commission (CFTC) has “exclusive jurisdiction” over Kalshi and the trading of sports-related event contracts on April 6. 

Court officials also ruled that New Jersey regulators, such as the DGE, are prohibited from attempting to prevent Kalshi from offering prediction markets to eligible residents. 

The case first began when New Jersey regulators issued a cease-and-desist order to Kalshi during 2025, alleging the operator’s listing of sporting event contracts violated state gambling laws which prohibit betting on collegiate sports. 

Kalshi responded by filing a lawsuit against the state, where it first argued that its event contracts are a type of derivative contract, described as “swaps,” and can only be regulated by the CFTC.