In a significant move within the gaming industry, Ilitch Gaming has completed the acquisition of the remaining 50% ownership stake in Ocean Casino Resort, located in the vibrant city of Atlantic City, New Jersey. This transaction, first announced in June, marks a pivotal moment for Ilitch Gaming, as it now holds full control over the renowned casino resort.
The acquisition of Ocean Casino Resort is a strategic step for Ilitch Gaming, which was established in June as a dedicated subsidiary of Ilitch Companies. This subsidiary oversees the organization’s gaming-related businesses and supports future growth initiatives. With this acquisition, Ilitch Gaming expands its portfolio, which already includes MotorCity Casino Hotel in Detroit, Michigan, and is poised to add Scarlet Pearl Casino Resort in D’Iberville, Mississippi, subject to regulatory approvals.
The Journey of Ocean Casino Resort
Ocean Casino Resort has a rich history that dates back to its opening in 2012. However, the property faced significant challenges, including two bankruptcies and a temporary closure in 2014. It was subsequently sold to investor Glenn Straub’s Polo North Country Club for $90 million. After several changes in ownership and management, the property reopened as Ocean Resort Casino in June 2018.
In 2019, the resort was rebranded as Ocean Casino Resort under the ownership of Bruce Deifik, who later sold it to Luxor Capital Group. Two years later, the Ilitch family acquired a 50% interest in the property and installed its own management team, setting the stage for the recent full acquisition.
Expanding Ilitch Gaming’s Portfolio
John Policicchio, CEO and chief development officer of Ilitch Gaming, expressed enthusiasm about the acquisition. “Ocean Casino Resort has become an exceptional resort destination through the dedication of our talented colleagues, sustained investment in the property, and a commitment to the guest experience,” he stated. Policicchio emphasized the importance of Atlantic City as one of the country’s most significant gaming and hospitality markets, highlighting that achieving full ownership of Ocean represents a crucial milestone.
Spanning over 20 beachfront acres along the Atlantic City Boardwalk, Ocean Casino Resort boasts 1,860 renovated guest rooms and suites, a 135,000 square-foot casino floor, a 4,500-seat entertainment venue, and more than 160,000 square feet of meeting and convention space. This expansive and well-equipped facility is a testament to the resort’s commitment to providing a premier guest experience.
Future Prospects and Regulatory Approvals
While the acquisition has been completed, the transfer of ownership still awaits New Jersey regulatory approval, according to Ilitch Gaming. This regulatory step is crucial for ensuring compliance and smooth operations. Additionally, Ilitch Gaming is in talks to acquire Scarlet Pearl Casino Resort on Mississippi’s southern coast, subject to closing terms and regulatory assent.
The acquisition of Ocean Casino Resort by Ilitch Gaming is a testament to the company’s strategic vision and commitment to expanding its presence in the gaming and hospitality industry. With full control over Ocean Casino Resort, Ilitch Gaming is well-positioned to build on the momentum created by the resort’s dedicated team and continue to enhance the guest experience in Atlantic City.
