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The basics:

• New Jersey gaming revenue reached a record $6.98B in 2025, up nearly 11%
• Internet gaming surpasses in-person casino win for the first time
• Sports wagering gross revenue totals $1.18B in 2025
• Borgata, Hard Rock, Ocean Casino led casino win for the year

The New Jersey Division of Gaming Enforcement released its December gaming report Jan. 16, offering insights into the final month of 2025 as well as total-year figures.

“In 2025, New Jersey’s total gaming revenue reached a record-high $6.98 billion,” said New Jersey Casino Control Commission Chairman James Plousis of the 2025 performance. The figure marks a nearly 11% gain versus 2024 gaming revenue. “Annual growth in all three categories – casino win, internet gaming win, and sports wagering revenue – contributed to push total gaming revenue above the prior record of $6.3 billion in 2024.”

In 2025:

• Casino win for the nine properties: $2.89 billion (up 2.7% over 2024)
• Internet gaming win: $2.91 billion (up 22% versus 2024)
• Sports wagering gross revenue: $1.18 billion (up 7.5% over 2024)

“Annual brick-and-mortar gaming revenue has remained essentially flat since 2022, while internet gaming continues to grow exponentially – eclipsing brick-and-mortar gaming for the first time in 2025,” said Jane Bokunewicz, faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism (LIGHT), Stockton University School of Business, in her analysis of the gaming report.

“This contrast between industry segments is indicative of a maturing brick-and-mortar market and an internet gaming market that is still growing,” she continued.

Key figures in the December 2025 report include (with year-over-year trend):

• Casino win: $216.1 million down 6.7%
• Internet gaming win: $273.2 million up 19.8%
• Sports wagering gross revenue: $116.3 million up 85%
• Sports wagering handle: $1.06 billion
  • For 2025: $12.2 billion
• Total gaming revenue: $605.6 million up 15.9%
• Total gross revenue taxes: $89.9 million
  • For 2025: $884.1 million
• Top performing properties by casino win:
  • Borgata – $60.3 million down 3.9%
  • Hard Rock – $40.5 million down 5.5%
  • Ocean Casino – $37 million up 6.7%
• Top performing properties by casino win for 2025:
  • Borgata – $800.8 million up 8.5%
  • Hard Rock – $550.8 million up 1.1%
  • Ocean Casino – $468.1 million up 14.3%

‘Unhindered’ internet gaming numbers

“This contrast is especially clear in a month like December 2025 when winter weather events and New Year’s Eve falling mid-week appears to have had an impact in casino operator’s brick-and-mortar returns for the month (down 6.7% compared to December 2024),” Bokunewicz continued. “Internet gaming revenues, however, continued to grow unhindered.

“Without diminishing the returns from traditional gaming, internet gaming and sports wagering continue to grow, representing an ever-increasing share of total gross gaming revenue for casino operators. In 2021, these new gaming segments represented 40% of total revenues for the year, four years later they now represent 55%.”

Plousis echoed those sentiments.

“Internet gaming win set a monthly record in December and, for the first time, annual internet gaming win exceeded in-person casino win,” said Plousis. “Atlantic City‘s annual casino win grew 2.7% compared to 2024, achieving its best result since 2012 – demonstrating that in-person and online gaming can succeed together.”

Casino challenges

Bokunewicz noted the challenges that Atlantic City operators face in terms of increasing costs and profitability.

“News from Atlantic City’s casino operators continues to be bittersweet as record year-end total gross gaming and near-term record annual brick-and-mortar gaming revenues mask other market challenges,” said Bokunewicz. “Operators continue to struggle with increased labor costs and increases in the cost of goods and services.

“These and other factors will likely draw net revenue and gross operating profits down. We will not get a full picture of the industry’s 2025 performance until net revenues and gross operating profits are reported later this spring.”

Gains vs. declines

She pointed out that performance varied among the operators. Bokunewicz noted four saw year-over-year gains in year-end brick-and-mortar gaming revenues (Borgata, Hard Rock, Harrah’s and Ocean Casino), and five realized year-over-year declines (Bally’s, Caesars, Golden Nugget, Resorts and Tropicana).

“However, all seemed to have struggled in December 2025 with all but one (Ocean Casino) recording month-over-month decreases in brick-and-mortar revenues,” said Bokunewicz.

Plousis stressed that a successful gaming industry benefits all of New Jersey.

“It has sparked investment in Atlantic City’s convention, tourism, and entertainment centers, creating jobs and producing new economic activity across South Jersey,” said Plousis. “State-wide, gaming-funded contributions to programs that benefit seniors and disabled residents topped $800 million in 2025 – an increase of 33% compared to 2024 – and total annual gaming taxes topped $1 billion.”