The Ilitch organization will be sharing with Luxor Capital Group the ownership of Atlantic City’s Ocean Casino Resort after the former secured regulatory approval to acquire 50 percent of the said casino and entertainment center.

More on the Ocean Casino Resort joint venture

Ilitch’s purchase of half of the controlling interest in the Ocean Casino Resort will pave the way for a power-sharing setup within the company.

It means Luxor Capital Group, the property’s current owner, will be on equal footing with Ilitch in making major corporate decisions from now on.

The Ocean Casino Resort is set to go through massive renovations and upgrades to take customers’ experience to another level. 

In the press release, Ocean disclosed plans to allocate $75 million over the next year to reconstruct the gaming venue and add more guest rooms suites at the casino. 

Once finished, the property would have plenty of space to install additional real money slots and table games along with 360 more guest rooms and roughly 100 suites. The resort’s expansion also promises improvements to its non-gaming amenities, elevating its culinary and entertainment offerings and other attraction to world-class status.

Aside from injecting additional capital and investments into the property, Ilitch brings extensive experience in the casino and sports entertainment industry. 

The Ilitch Holdings represent a diverse business portfolio of billionaire Mariam Ilitch, including Motor City Casino Hotel, Little Caesars Pizza, the Detroit Tigers, Blue Line Distribution, Olympia Entertainment, Olympia Development, and more.

Quotes from the Press Release

Bill Callahan, executive vice president of hospitality and gaming for Ocean Casino Resort, explained how the arrival of the Ilitch Organization would provide positive changes throughout the property.

“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.”

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.”