Ilitch Holdings acquires 50% stake in Atlantic City Ocean Casino Resort
Ilitch and Luxor split ownership of major AC venue.
Ilitch Holdings has been given the greenlight to acquire 50% of Atlantic City’s Ocean Casino Resort.
Following regulatory approval, Luxor Capital Group, Ocean’s primary owner, announced that control of the casino will be split evenly between itself and Ilitch, with both companies possessing equal say in major decisions.
“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,” commented Luxor Capital.
“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 Ilitch’s partnership.”
After the approval hearing, Ocean also announced a resort reinvestment of more than $75m over the next year, with construction set to begin on 12 floors of the hotel, adding 360 guest rooms and nearly 100 suites.
Along with the enhancement of Ocean’s hotel, the resort is looking to grow several of its non-gaming amenities, including culinary and entertainment experiences.
Bill Callahan, Executive VP of Hospitality & Gaming for the casino resort, said: “Over the last year, Ocean has worked to strengthen its position in the market.
“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.”
This news comes right after the resignation of former Ocean CEO Terry Glebocki, leading to some speculation that the casino’s new co-owners have their own name in my mind for the top job.
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