ATLANTIC CITY — All nine Atlantic City casinos may operate in the same market, but when it comes to profits, casino analyst Anthony Marino says the industry increasingly looks like three very different businesses.
Marino crunched the newly released first-half financial numbers and found that Borgata, Hard Rock and Ocean Casino Resort generated more than 73% of the combined gross operating profit reported by Atlantic City's nine casinos during the first six months of 2026.
At the opposite end, Marino calculated that Bally's, Golden Nugget and Resorts combined for only about 1.4% of the industry's first-half operating profit.
Marino detailed the striking disparity Tuesday during an appearance on The Don Williams Show on WOND.
"I break the nine casinos into three tiers," Marino said.
His first tier consists of Borgata, Hard Rock and Ocean.
"The three biggies, the three leaders in the local industry, the three casinos that can compete with any casino in the United States and in Europe," Marino said.
Together, Marino calculated, the three properties generated approximately $198 million of the industry's first-half operating profit.
"They contributed about $198 million of that, which is more than 73% of the total nine casinos," Marino said. "They clearly are dominating our local casino in profits."
Official New Jersey Division of Gaming Enforcement data show first-half gross operating profit for the casino hotel industry fell 14.9% from the same period last year, even as the casinos continued to generate substantial revenue.
The industry's financial results have renewed questions about the difference between the enormous gaming revenue numbers frequently reported each month and the amount that ultimately reaches casino operating-profit statements.
But Marino's analysis reveals another issue: the profits that remain are distributed very unevenly among Atlantic City's nine properties.
Borgata remains the leader
Borgata remains Atlantic City's dominant casino by operating profit.
Marino said Borgata produced nearly $100 million in gross operating profit during the first six months of 2026, despite being down from the same period last year.
"Borgata, which is clearly the leader," Marino said.
Hard Rock and Ocean were remarkably close behind one another.
Marino calculated Hard Rock's first-half gross operating profit at approximately $48.87 million, compared with approximately $48.865 million for Ocean — a difference of only about $5,000.
"It's amazing how close they were in the first half of this year," Marino said.
Both remained far behind Borgata individually, however.
"Borgata doubled, a little more than doubled, exactly what Hard Rock and Ocean did," Marino said. "But those three properties I mentioned earlier in the program clearly did well and did over 73% of the total operating profits for the first half of the year."
Marino noted that Hard Rock's first-half operating profit was down about 17% compared with last year, while Borgata was down about 10%.
He cautioned against reading too much into a single reporting period, particularly because unusual payments, expenses and accounting differences can produce significant year-to-year swings.
Caesars properties form the middle
Marino placed Atlantic City's three Caesars Entertainment properties — Caesars, Harrah's and Tropicana — into his second tier.
Together, he said, the three generated approximately $68.3 million in first-half operating profit, or slightly more than 25% of the industry's total.
That leaves six casinos — the three market leaders and three Caesars properties — accounting for nearly all of Atlantic City's reported casino operating profit.
Then comes Marino's third tier.
Three casinos combine for just 1.4%
Bally's, Golden Nugget and Resorts collectively reported only about $3.8 million in gross operating profit during the first six months, according to Marino's analysis.
"That is only 1.4% of the total distribution," Marino said.
"When you look at the numbers that way, you see there is a large disparity when it comes to profits in those three tiers."
But Marino strongly cautioned against interpreting those figures as evidence that any of the three casinos is necessarily in imminent financial trouble.
"Our three smallest casinos look like they're struggling, and relative to the three largest casinos, certainly that seems to be the case," Marino said. "But each of them, in their own way, are generating profits, and as long as they continue to do that, they'll stay in business."
There are also important complications behind the numbers.
Marino pointed specifically to Golden Nugget as an example of why Atlantic City's traditional operating-profit figures don't always provide a complete picture of the economics surrounding a casino license.
Golden Nugget generated $884 million in online casino gaming revenue in 2025 compared with $136 million in in-person casino gaming, Marino said.
Yet the casino's Atlantic City operating-profit statement does not simply retain all of the money associated with online gaming.
Marino said substantial portions of online gambling revenue can go to technology partners and corporate entities under agreements that allow internet casino and sports-betting companies to operate through Atlantic City casino licenses.
"It doesn't stay here in Atlantic City for most of these properties," Marino said.
An industry increasingly divided
The latest state figures reinforce the broader pressure on Atlantic City's casino bottom line.
The nine casino hotels generated $836.5 million in second-quarter net revenue, according to industry reporting based on Division of Gaming Enforcement figures, but their combined operating profit fell 9.3% from a year earlier. First-half operating profit was down 14.9%.
All nine casinos nevertheless remained profitable during the second quarter.
Marino said looking at the casinos in tiers provides another way to understand an industry that can appear healthy when judged solely by statewide gaming-revenue totals.
The biggest properties continue to generate substantial operating profits, while the smaller casinos operate on dramatically thinner margins.
And that disparity could become increasingly important as Atlantic City prepares for additional casino competition from New York.
For now, the first-half numbers show just how concentrated Atlantic City's casino profits have become.
Three casinos represent one-third of the city's nine-property industry.
But according to Marino's calculations, Borgata, Hard Rock and Ocean are producing nearly three-quarters of its operating profit.
About the Author
Scott Stephens
Scott has been an on-air personality, producer and newscaster for 30+ years. He has been a mainstay in the South Jersey Community and on the air across many different area stations. Scott can currently be heard on Kool 98.3 and News Talk 1400 & 92.3 WOND.
