Ilitch launches Gaming Division with Ocean Casino and Scarlet Pearl acquisitions
Ilitch Companies has established a new gaming platform, Ilitch Gaming, and agreed to acquire full ownership of Ocean Casino Resort in Atlantic City alongside Scarlet Pearl Casino Resort in Mississippi, creating a multi-state casino portfolio.
Detroit-based Ilitch Companies has announced the launch of Ilitch Gaming, a new gaming, hospitality and entertainment division that will oversee the company’s expanding casino interests across the United States.
The new division will initially comprise MotorCity Casino Hotel in Detroit and, subject to regulatory approvals, will add full ownership of Ocean Casino Resort in Atlantic City and Scarlet Pearl Casino Resort in D’Iberville, Mississippi.
As part of the expansion, Ilitch Gaming has entered into agreements to acquire the remaining ownership interest in Ocean Casino Resort and purchase Scarlet Pearl Casino Resort, creating a portfolio spanning three major regional gaming markets.
The company has appointed John Policicchio as Chief Executive Officer and Chief Development Officer of Ilitch Gaming. Policicchio will lead the division’s strategic growth initiatives and oversee operations across the portfolio.
Christopher Ilitch, President and CEO of Ilitch Companies, said: “The formation of Ilitch Gaming represents a natural evolution of our long-term investment strategy. We believe these acquisitions complement our existing assets and position us for continued growth in the gaming and hospitality sector.”
Ocean Casino Resort has emerged as one of Atlantic City’s strongest-performing properties in recent years following substantial investment in hotel rooms, gaming facilities and amenities. Scarlet Pearl Casino Resort, located on Mississippi’s Gulf Coast, adds a presence in one of the United States’ established regional gaming markets.
The transactions remain subject to customary regulatory approvals.
The launch of Ilitch Gaming marks the creation of a new multi-state casino operator at a time when consolidation activity continues across the North American gaming industry, with operators increasingly seeking scale through acquisitions and portfolio expansion.
