The last couple of months have reflected Atlantic City casinos' offseason period. December didn't change much as the New Jersey Division of Gaming Enforcement reported that properties produced $231.8 million in December revenue.

Atlantic City casinos generated $2.82 billion in 2024 earnings. It's a 1.1% decrease from 2023 when the industry recorded $2.85 billion.

The retail industry finished just ahead of New Jersey online casinos in December, which set another record last month by posting $228 million. After slipping to iGaming revenue for the first time ever in October, Atlantic City has been able to fend off the vertical in each of the last two months.

As the heart of the offseason continues, it'll remain a tough task to do so.

AC casinos slightly increase from November

The 3.5% month-over-month increase from November likely saved the retail industry from falling behind online casinos for the second time ever. Atlantic City casinos posted $223.9 million in November.

Despite the increase on a month-over-month basis, properties remained flat year-over-year, showing a 0.3% decline from December 2023. Jane Bokunewicz, faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism (LIGHT) at the Stockton University School of Business, said in a statement about the status of the retail industry:

"The December calendar did not fall favorably this year for Atlantic City operators. ... Internet gaming, which does not seem to be impacted by the number of weekends in the month in the same way that in-person gaming is, predictably showed a year-over-year increase for the month."

The weekends are a key component to AC casinos. The city had four full weekends in December. Perhaps the holiday provided that slight bump last month for AC operators.

Concerns that online casinos are cannibalizing AC casinos?

It's no secret that iGaming operators are taking the gambling market by storm in states where it is legal, especially in New Jersey. That has brought on fears about the vertical cutting into Atlantic City properties.

Bokunewicz clearly admits to the rapid popularity of online casinos. However, she's not hitting the panic button in Atlantic City, either:

"New Jersey was a fast mover when it came to innovative new gaming products, such as internet gaming, and the state seems to be reaping the benefits of this. The industry is evolving and changing. These new products are very popular and do not seem to have reached their peak.

"At the same time, brick-and-mortar revenues have been relatively flat. They are not showing signs of proportionate decline, which we'd expect if cannibalization were an issue."

Both verticals, but especially AC casinos, will "need to stay on top of emerging trends and responsive to changes in customer preferences," Bokunewicz said.

She also warned against the potential competition the industry could face in light of New York's downstate casinos.

Breaking down Atlantic City casino December revenue

Casino Name.  Numbers to match the 4 areas below from left to right.

Total Gaming Win    Table Games    Poker    Slot Machines

Borgata    $62,727,821 $18,935,367 $1,125,558
$42,666,896

Hard Rock    $42,847,522    $13,066,813  (No Poker) $29,780,709

Resorts    $12,366,684    $2,577,693 (No Poker)  $9,788,991

Ocean Casino    $34,679,044    $7,787,019 (No Poker)  $26,892,025

Harrah's    $19,287,538 $3,709,048    $222,997
$15,355,493

Tropicana    $19,898,558 $5,078,712    $145,393    $14,674,453

Caesars    $19,013,828    $6,808,858 (No Poker)  $12,204,969

Golden Nugget    $10,923,090    $2,419,937  (No Poker)  $8,503,153

Bally's    $10,008,814    $1,903,641  (No Poker)  $8,105,173

Total All Casinos  $231,752,899    $62,287,089    $1,493,948    $167,971,862