Hotel occupancy and revenue at Atlantic City casinos dropped in the final quarter of 2024, as it usually does due to seasonal effects. However, year-over-year performance for the South Jersey properties remained relatively flat.
According to the New Jersey Division of Gaming Enforcement (DGE), Atlantic City casinos hotel occupancy rate was 65.6%, which is a 0.9% year-over-year decrease. The occupancy rate for the full 2024 calendar year was 72%, a decrease of 1% from 2023.
Hotel occupancy drops from Q3
The third quarter for Atlantic City casinos the most important, coming in July, August and September. The two months of the summer is considered prime time for properties.
Hotel occupancy rate for the third quarter in Atlantic City came in at an impressive 84.1%. The fourth quarter dipped at nearly 25% from the third quarter.
Occupancy rate dropping in Q4 is not exactly breaking news, and to be expected. It appears to be right in line with the normal standard, and even slightly better from the previous years after the pandemic. 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 statement:
“Although already a slow period for the resort, occupancy rates for Atlantic City’s casino hotels (65.6% in fourth quarter 2024) were down slightly in comparison to the same period in 2023 (66.5%) despite a notable decrease in average daily room rate ($160.27 in fourth quarter 2024 compared to $164.04 in the same period of 2023).
“A small silver lining, fourth quarter 2024 still managed to outperform fourth quarter 2022, which saw occupancy at 65.8% and average daily room rates at $155.75.”
Ocean Resort led Atlantic City casinos in occupancy
rebranding its property, which appears to be paying off. Despite a slower time of year, Ocean filled 79.7% of its rooms, slightly beating out Hard Rock’s even 79%.
In addition to, narrowly, filling the most rooms, the average price for a room at Ocean was $238.33 in Q4, the highest of all Atlantic City properties. Hard Rock Atlantic City charged an average of $167.22 in Q4.
Borgata Atlantic City, filled 70.9% of its rooms at $168.61 per room.
Patrons get can a deal at the Golden Nugget, who only sold rooms for $87.78 in Q4. However, only 44.9% of the hotels were filled.
Hotel occupancy for Q4 2024 was right in line with expectations in Atlantic City. Q1 2025 is usually the leanest months for the region, which could see further decreases.
