LIGHT Comments on the Fourth Quarter 2025 New Jersey DGE Numbers

April 8, 2026

Comments from Jane Bokunewicz, faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism (LIGHT), Stockton University School of Business, on the fourth quarter 2025 numbers released Wednesday by the New Jersey Division of Gaming Enforcement: 

Although net revenue was again up for the quarter, this did not translate to gains in gross operating profit (GOP). The relationship between the net gaming revenue and GOP trends in recent quarters (both essentially flat with a slightly upward trend in net revenue and a slight downward trend for GOP) suggests that operators have been successful in transferring some, but not all, of the increases in operating expenses on to consumers. This pattern is also seen in the year-end numbers which again showed a slightly upward trend in net revenue and a marginally downward trend in GOP. 

Atlantic City’s casino operators have been responding to competitive pressures in a variety of ways. These efforts include capital improvements, and investments in marketing and promotions to distinguish themselves from competitors and stimulate consumer interest and patronage.  

The return on these investments has been slow in its realization, partly due to external variables, like inflation, that on paper seem to have dulled the effects of these revenue generating initiatives. Properties have also tried to optimize GOP by taking a careful look at their expenses, however a lot of operational expenses such as wages, energy prices and the cost of goods sold, have been impacted by external factors.