Ilitch has regulatory approval to operate in Atlantic City

  Luxor Capital Group, LP, the main owner of Ocean Resort Casino, today announced that the Illich organization has received regulatory approval and will acquire 50% of Ocean through its affiliates. Luxor will control the remaining 50% and will share equally with the Illich organization in key decisions regarding Ocean.


The joint venture announced earlier this year represents an exciting development for Ocean as the resort continues to make inroads into top Atlantic City destinations. Ilich's investment will enable the resort to build on its success through continued spending on real estate and enhanced customer and team member experiences.


Luxor Capital said, "We are excited to welcome Ilich's organization to Atlantic City. Their investment gives Ocean access to growth capital and provides Luxor with a strategic partner. Over the past year, Ocean's team has evolved under new leadership, which includes top executives in the gaming and hospitality industries. Since then, Ocean has strengthened its position in the market and continues to gain market share. We look forward to moving our business forward with Ilich's partnership."



Following today’s hearing, Ocean announced a resort reinvestment of more than $75 million 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.   바다이야기


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.


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