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,...