Since Luxor Capital Group, the property’s primary investor, announced that it is pursuing a relationship with the Ilitch organisation, New Jersey’s Ocean Casino Resort may be poised to acquire a new joint equity partner.
It is hoped that the joint venture would bring the Ilitch organisation’s “extensive experience” in the gaming industry to Atlantic City through Detroit’s MotorCity Casino Hotel.
The Detroit Red Wings, Detroit Tigers, Little Caesars, Blue Line Distribution, Olympia Entertainment, Olympia Development, and other brands are represented by the Ilitch companies.
50% ownership through subsidiary
The plan would see the Ilitch organisation own up to 50 percent of the casino establishment through a subsidiary, with Luxor controlling the majority, subject to regulatory approvals and final closure conditions.
The Ilitch company says it “recognises the success that the team at Ocean has achieved in the past two years” and “looks forward to working with the Ocean team and building on their accomplishments through continued investment in both the property and the customer experience.”
In a statement, Luxor Capital said: “We are extremely excited about the proposed investment by the Ilitch organisation, which, if approved, will give Ocean access to growth capital and provide a strategic partner to Luxor. We look forward to continuing to grow Ocean in partnership with the Ilitch organisation for years to come.”
The Ocean Casino Resort has 1,399 rooms and suites, as well as 138,000 square feet of gaming space, 1,937 slot machines, 125 gaming tables, and a William Hill sportsbook that provides both sports betting and internet gaming in New Jersey.
There are also 160,000 square feet of meeting and exhibition rooms, 90,000 square feet of outdoor space, four luxury hotels, 11 casual dining options, a 40,000 square foot spa, six signature day and nightlife facilities, a 5,000-seat concert hall, and a Topgolf Swing Suite at the property.