The increase was driven by online gambling and sports betting, sectors in which casinos must share their earnings with external partners, resulting in reduced profits for them
Atlantic City’s gambling industry reached a new high in 2024, with a total revenue of $5.7 billion beating the previous record of $5.2 billion. When sports betting revenue from horse tracks is added, the overall total goes up to $6.3 billion.
Casino Operators Express Concerns Despite Revenue Surge
Even with these big numbers, casino operators still worry. The growth came from online gambling and sports betting — areas where casinos have to share revenue with outside partners leaving them with less profit.
Mark Giannantonio, who heads the Casino Association of New Jersey, was not happy with the results, reported The Press of Atlantic City. He pointed out that money made from people gambling in person, which casinos see as their main business dropped by 1.1% to $2.8 billion. Giannantonio said this happened because fewer people visited, there were not as many big events on the beachfront, and the beaches kept washing away. He stressed that state and local groups need to work together to make the city a top place to visit again. He thinks things could start looking up in 2025.
Internet gambling’s popularity played a big role in boosting revenue, with online casino earnings growing by over 24% to almost $2.4 billion. Jane Bokunewicz, who heads the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism, said that New Jersey’s quick move to adopt new gaming products has been successful. She pointed out that while brick-and-mortar casino revenues stayed about the same, they did not show any major drops. This suggests that online gambling has added to rather than taken away from the traditional market.
Atlantic City Casinos Show Mixed Financial Results in 2024 with Borgata Leading the Pack
Atlantic City’s casinos had mixed money results in 2024. Borgata topped the list with $1.36 billion in total earnings growing 5.1%, while Golden Nugget grew a lot, by 24.5% reaching $836.2 million. However, some casinos experienced declines, like Caesars, which fell 6.5% to $218.5 million, and Harrah’s, which dropped 11.4% to $225 million.
Regular casino-goers still cannot agree on the move to online gambling. Some, like Dawn Casale from Staten Island, prefer the full experience of real casinos, with their busy vibe and face-to-face chats. Others such as Kevin Cunneen from Massachusetts, like how easy online platforms are but miss the thrill of gambling in person.
People bet more than $12.7 billion on sports in 2024 making $1.1 billion in profit, showing how the business keeps changing. As key players get ready for 2025, they will keep trying to balance old-school gaming experiences with the growing online market to tackle Atlantic City‘s special issues and opportunities.
