New Jersey Casinos Earning Less Profit Despite Revenue Growth

New Jersey casinos took a step back during the second quarter while continuing to remain profitable.

The state’s nine retail casinos — all of which are based in Atlantic City — reported $162.4 million in gross operating profit from April through June, a mark that was 9.3 percent below what they grew accustomed to during 2025. This indicates that rising expenses are outpacing revenue inside the facilities.

This also comes as the state continues to experience a shift in momentum toward iGaming, which allows customers to play table games, slot machines, and other casino games on mobile and web devices.

New Jersey casinos still sliding

Borgata Hotel Casino & Spa locked down the top spot as Atlantic City’s most profitable casino during Q2 2026, according to the latest report by the New Jersey Division of Gaming Enforcement. The property put together $60.1 million in gross operating profit, more than one-third of the industry’s entire total, despite that figure falling 4.7 percent year-over-year. Net revenue rose 3.6 percent to $218.4 million

Ocean Casino Resort climbed to second during the quarter with $30.1 million in profit, up 12.2 percent. Net revenue rose 0.2 percent to $142 million.

Hard Rock Hotel & Casino rounded out the podium with $29.1 million in profit, which was down 10.5 percent YoY. Revenue also experienced a 0.9 percent drop to $148.4 million.

Caesars Atlantic City was the final casino that increased its profit year-over-year, growing 2.9 percent to about $13 million. Revenue was up 7.7 percent to $68.1 million. 

As far as the properties that saw declines, Tropicana Atlantic City lost 8.7 percent of its operating profit and fell to $13.6 million; Harrah’s Atlantic City dropped 6.8 percent to $11.1 million; Bally’s Atlantic City was down 8.8 percent to $2.1 million.

Golden Nugget and Resorts Atlantic City plummeted 43 and 95.2 percent to $2.9 million and just $473,000, respectively.

Profit falls despite hotel improvement

It’s important to understand the difference between productivity and efficiency.

Atlantic City casinos actually generated 0.2 percent more revenue during the first six months of 2026 than they did in 2025. Although that isn’t a stellar growth rate, it is still positive.

Despite that, gross operating profit fell 15.5 percent to $269.6 million, reflecting the increasing impact of costs, fees, and relevant charges.

On a more positive note, hotel occupancy in the tourist-rich area reached 73.2% in Q2, up 0.6 percent from the same period one year ago. Ocean registered the highest occupancy rate (87.1 percent) and highest average room rate ($269.24). Hard Rock was next at 86.4 percent, and Caesars secured the bronze medal with 82.2 percent.

Overall hotel occupancy rose 1.2 percent to 69 percent during the first half of the year. That’s despite an ongoing lawsuit that has been to several levels within the court system that deals with alleged price-fixing between competing hotels in the area.

All of this comes under the backdrop of the skyrocketing New Jersey iGaming market. Online casino revenue beat the previous monthly high of $276.3 million, set in May, during July, and was up 2.2 percent from June’s $271 million. First-half iGaming revenue sits at nearly $1.9 billion, up 14.5 percent from $1.6 billion in 2025.