The IIitch family owns sports teams like the Detroit Tigers and Red Wings as well as owning Little Caesars' pizza chain and Detroit’s MotorCity Casino Hotel.
Now the family has applied to New Jersey regulators for an interim approval to own a portion of the casino in Atlantic City.
An agreement between the IIitch family and officials from the Luxor Capital Group LP has been reached, according to The Associated Press. Through an affiliate, the family is free to acquire half of the ownership.
The Luxor Group has owned the casino since 2019 and in May 2020 the group gained approval to operate the casino by New Jersey regulators.
The amount the family has invested has not been disclosed but it is believed the deal will close once all regulatory approvals have been met.
In a statement, a New York hedge fund spoke on its decision to sell half of its ownership in Ocean Casino. It read: “We are extremely excited about the proposed investment by the Ilitch organization, which, if approved, will give Ocean access to growth capital and provide a strategic partner to Luxor.”
Luxor has not disclosed any details of the new partnership, which would include day-to-day operations; the Group wishes to sort out the regulatory process with New Jersey authorities first.
Last year, the casino’s gambling revenue reached over $214m which showcased a 10% drop from the year before.
Ocean Casino CEO Terry Glebocki recently spoke exclusively with Gaming America about Atlantic City's modern-day revival.