Illitch Organization Gets Approval to Operate in Atlantic City
The Illitch organization is set to be part of New Jersey gambling with operations in Atlantic City following regulatory approval and 50% acquisition of Ocean Casino Resort. The Luxor Capital Group is the primary owner of Ocean Casino Resort.
Luxor will control the remaining 50%. The Illitch organization will have a say in major decisions involving Ocean moving forward.
“We are excited to welcome the Illitch organization to Atlantic City,” Luxor said in a statement. “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 Illitch's partnership."
Additions Coming to Ocean
Following the move, Ocean announced a resort investment of more than $74 million over the next year. More than 460 guest rooms and suites will be added, in addition to a redesigned casino floor with new high-limit experiences for players.
"Over the last year, Ocean has worked to strengthen its position in the market," Bill Callahan, Executive Vice President of Hospitality & Gaming for Ocean Casino Resort, said in a media release. "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 plans to begin construction on the 12 floors of the hotel, adding 360 guest rooms and nearly 100 suites. The resort will also develop other amenities, such as culinary and entertainment experiences, in addition to others. More information on the renovations is expected to be announced later this year.
The Illitch family, which owns the Detroit Tigers and Red Wings, has experience in the Michigan gaming industry through MotorCity Casino Hotel – Detroit’s only locally-owned and operated casino.
The facility features luxury hotel accommodations such as spa facilities, fine and casual dining, live entertainment and world-class gaming.
The Illitch family also is involved in leading brands in food, sports and entertainment and real estate development industries.
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