Ocean Casino Resort announces $ 75M real estate reinvestment in 2022, including 12 floors of new hotel rooms and suites
October 15, 2021
Luxor Capital Group, LP, the principal owner of Ocean Casino Resort, has announced that the Ilitch organization has received regulatory approval and will acquire, through a subsidiary, 50% of Ocean. Luxor will control the remaining 50% and will share equally with the Illitch organization the major decisions concerning Ocean.
The joint venture, previously announced earlier this year, is an exciting development for Ocean as the resort continues to progress toward Atlantic City‘s premier destination. Ilitch’s investment will allow the resort to build on its success through continued spending on ownership and enhanced experiences for guests and team members.
Luxor Capital commented, âWe are delighted to welcome the Ilitch organization to Atlantic City. Their investment gives Ocean access to growth capital and provides Luxor with a strategic partner. Over the past year, the Ocean team has progressed under new leadership comprised of senior executives from the gaming and hospitality industries. Since then, Ocean has strengthened its position in the market and continues to gain market share. We look forward to moving the business forward with the Ilitich partnership.
Following the hearing, Ocean announced a reinvestment in the resort of more than $ 75 million over the next year, with the highly anticipated addition of more than 460 rooms and suites. This follows improvements to Ocean’s property in 2021, including a redesigned casino floor with new high limit experiences.
âOver the past year, Ocean has strived to strengthen its position in the market,â said Bill Callahan, executive vice president of hospitality and gaming for Ocean Casino Resort. âWe are delighted to advance Ocean’s accomplishments. The ability to meet the growing demand for our hotel experience will create new energy throughout the resort – from our award-winning casino and restaurants to our renowned nightlife and entertainment venues. “
Ocean will begin construction on 12 floors of the hotel, adding 360 rooms and nearly 100 suites. Along with upgrading the Ocean’s Hotel, the resort will expand several of its non-gaming amenities, including dining and entertainment experiences. More information on Ocean’s new developments will be announced later this year.
Ilitch has experience in the gaming industry through MotorCity Casino Hotel, the only locally owned and operated casino in Detroit, offering luxury hotel rooms and spa facilities, fine and casual dining, live entertainment and world class games. In addition, the Ilitch companies represent leading brands in the food, sports and entertainment, and real estate development industries, employing tens of thousands of people around the world.
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