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Ilitch Holdings acquires 50% stake in Atlantic City’s Ocean Casino Resort


Ilitch Holdings, the holding company of billionaire US businesswoman Marian Ilitch, has acquired a 50% stake in the Ocean Casino Resort in Atlantic City, New Jersey, from Luxor Capital Group.

Financial terms of the deal were not disclosed, but it was confirmed that Luxor will control the remaining 50% and share equally with Illitch in key decisions involving Ocean.

The land-based casino will also now undergo major refurbishment, with more than $75m to be spent during the next year on adding more than 460 new hotel rooms and suites. This follows a revamp of the casino floor earlier this year.

The resort will also grow its non-gaming amenities, including culinary and entertainment experiences.

“We’re excited to welcome the Ilitch organization to Atlantic City,” Luxor Capital said. “Their investment gives Ocean access to growth capital and provides a strategic partner to Luxor.”

Ocean Casino Resort executive vice president of hospitality and gaming Bill Callahan added: “Over the last year, Ocean has worked to strengthen its position in the market. 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.”

Ilitch has experience in the gaming industry through the MotorCity Casino Hotel in Detroit, Michigan.

Additionally, Ilitch represents brands in the food, sports and entertainment, and real estate development industries, counting National Hockey League franchise the Detroit Red Wings and Major League Baseball team the Detroit Tigers among its assets.