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US – Luxor’s financial package for Ocean Resort approved by New Jersey Casino Commission

By - 11 February 2019

The New Jersey Casino Control Commission has approved the financial deal that will see Ocean Resort Casino be taken over by Luxor Capital Group.

The Commission unanimously approved an agreement between Bruce Deifik, the property’s main owner, and Luxor Capital Group.

Casino Control Commission Vice Chairwoman Alisa Cooper said: “This property has clearly had a very challenging past and I’m very, very concerned about its future. I sincerely hope that this arrangement before us today will be successful and enable this property to survive.”

Chairman James Plousis added: “The proposed divestiture trust represents a unique vehicle through which Luxor, a qualified financial source of Ocean Resort, but not yet a casino licensee or casino licensee applicant, can invest in Ocean Resort to support it maintaining its financial stability. With approval of the divestiture trust agreement and qualification of the trustee, we will not only maintain public confidence and trust in the credibility and integrity of the regulatory apparatus, but will advance the economic stability of Ocean Resort’s casino operations.”

Luxor will invest $70m in new strategic capital. The strategic investment is expected to close in early February, pending the receipt of the appropriate regulatory approvals and final documentation. The proposed investment will help fund the 2019 projects and provide Ocean Resort Casino with the financial flexibility to pursue even greater investment in its guest experience going forward.

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