Luxor Capital Group, the primary owner of Ocean Casino Resort, announced today that the Ilitch organisation has received regulatory approval and will acquire, through an affiliate, 50 per cent of Ocean. Luxor will control the remaining 50 per cent and will share equally with the Illitch organization in major decisions involving Ocean.
The joint venture, previously announced earlier this year, is an exciting development for Ocean as the resort continues to advance into the premier Atlantic City destination. Ilitch’s investment will allow the resort to build on its success through continued expenditure in the property and enhanced customer and team member experiences.
Luxor Capital commented: “We are excited to welcome the Ilitch organization to Atlantic City. Their investment gives Ocean access to growth capital and provides a strategic partner to Luxor. Over the last year, Ocean’s team has progressed under new leadership that features top executives in the gaming and hospitality industries. Since that time, Ocean has strengthened its position in the market and continues to gain market share. We look forward to moving the business forward with Ilitich’s partnership.”
Following today’s hearing, Ocean announced a resort reinvestment of more than $75m over the next year, featuring the highly anticipated addition of more than 460 guest rooms and suites. This follows Ocean’s 2021 property improvements, including a redesigned casino floor with new high limit experiences.
“Over the last year, Ocean has worked to strengthen its position in the market,” said Bill Callahan, Executive Vice President of Hospitality & Gaming for Ocean Casino Resort. “We are excited to advance Ocean’s achievements. The ability to meet growing demand in our hotel experience will create new energy throughout the resort – from our casino floor and award-winning restaurants to our renowned nightlife and entertainment venues.”
Ocean will begin construction on 12 floors of the hotel, adding 360 guest rooms and nearly 100 suites. Along with the enhancement of Ocean’s hotel, the resort will grow several of its non-gaming amenities, including culinary and entertainment experiences, among others. More information about new development at Ocean will be announced later this year.
Ilitch has experience in the gaming industry through MotorCity Casino Hotel, Detroit’s only locally-owned and operated casino, offering luxury hotel accommodations and spa facilities, fine and casual dining, live entertainment, and world-class gaming. Additionally, the Ilitch companies represent leading brands in the food, sports and entertainment, and real estate development industries, employing tens of thousands of people worldwide.