The nearly $5.7 billion the casinos won last year smashed the old record of $5.2 billion. And when money won from sports betting at horse tracks is included, the total haul reached $6.3 billion.

So why aren’t the casinos happier?

A lot of it has to do with the fact that the record was set with a big boost from internet gambling and sports betting.

Those revenue streams must be shared with outside parties including tech partners and sportsbooks, and is not solely for the casinos to keep.

For that reason, the casinos consider money won from in-person gamblers to be their core business.

And that business was down 1.1% from a year earlier, to $2.8 billion.

“The 2024 gaming results are very disappointing,” said Mark Giannantonio, president of the Casino Association of New Jersey. “While Atlantic City casino resorts have consistently provided world-class experiences and amenities to attract and retain customer visitation, the decline in visitation and tourism to Atlantic City has been evident throughout the year due to numerous factors outside of our control.”

Giannantonio cited a lack of major beachfront tourism events, including the Atlantic City Airshow and headline-caliber beach concerts, combined with severe beach erosion, and said the resort continues to suffer from “a perception problem.”

“It is urgent that we address the reasons why visitors are rejecting Atlantic City and choosing other destinations,” Giannantonio said. “In 2025, all stakeholders at both the state and local level must be laser-focused on addressing and fixing the challenges in our city that have caused the decline in visitation once and for all. Working collaboratively, we can find solutions to these issues and transform Atlantic City once again into a leading beachfront resort destination.”

He said he is confident 2025 will be “a rebound year” for Atlantic City.

Atlantic City’s gambling industry is changing, said Jane Bokunewicz, director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton University, which studies the Atlantic City gambling market.

“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,” she said. “These new products are very popular and do not seem to have reached their peak.”

Bokunewicz said brick-and-mortar casino revenues have been relatively flat but are not showing signs of proportionate decline, which would be expected if online gambling were cannibalizing the overall gambling market at the expense of physical casinos.

“Continuous innovation and reinvestment could be the new normal for the industry, which can no longer rely on established ways of doing business,” she said.

Internet casino gambling brought in nearly $2.4 billion last year, up over 24% from a year earlier. 

Dawn Casale, a Staten Island, New York, resident who comes to Atlantic City six to 12 times a year, loves being where the action is.

“I love the lively, bright atmosphere inside the casino, the perks of being a rated player, nice comped rooms, fine dining and player’s clubs,” she said. “I enjoy interacting with staff and other casino players who have become friends.

“I also love the excitement of a jackpot hit on a slot machine with the music and lights that alert everyone that this machine just hit,” Casale said. “I enjoy the whole package of being there, which in my opinion isn’t obtained with online gaming.”

Marilyn Cafone, a frequent Atlantic City visitor from Bergenfield, Bergen County, feels the same.

“For me it is the whole experience that I get on the casino floor,” she said. “I want to be served cocktails with fun music in the background, surrounded by other people all hoping for that big win. Sitting home on my couch just isn’t the same thrill.”

Mike Krawitz, an Atlantic City resident, does both.

“I don’t mind playing slots online, but blackjack I only do in person,” he said. “I had a few nice hits last night on Caesars Sportsbook Casino online.”

Kevin Cunneen, of North Reading, Massachusetts, sees the advantage of being able to gamble online.

“I love the physical casino environment, but the ease of access of online casinos makes it hard to justify the long drive,” he said.

Dawn Daniels, of Brick Township, Ocean County, says she’s hesitant to gamble online.

“I’m afraid what could happen after a glass of wine or two,” she said.

More than $12.7 billion worth of sports bets were placed in New Jersey in 2024, also a record. Of that, the casinos, tracks and their partners kept nearly $1.1 billion as revenue after winning bets and other expenses were paid out, an increase of 8.7% from a year earlier.