New Jersey’s Ocean Casino Resort could be set to gain a new joint ownership partner, after Luxor Capital Group, the property’s primary proprietor, confirmed that it is pursuing a partnership with the Ilitch organisation.
It is hoped that the joint endeavour would bring the “extensive experience” that the Ilitch organisation has in the gaming industry, through Detroit’s MotorCity Casino Hotel, to Atlantic City.
Further brands represented by the Ilitch companies include the Detroit Red Wings, the Detroit Tigers, Little Caesars, Blue Line Distribution, Olympia Entertainment, Olympia Development, and more.
Subject to regulatory approvals and final closing conditions, the proposal would see the Ilitch organisation own, through an affiliate, up to 50 per cent of the casino establishment, with Luxor owning the rest.
The Ilitch organisation says that it “recognises the success that the team at Ocean has achieved over the past two years,” and adds that it “looks forward to working with the Ocean team and building on their accomplishments through continued investment in both the property and the customer experience”.
Luxor Capital added in a statement: “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.”
Ocean Casino Resort features 1,399 guest rooms and suites; 138,000 square feet of gaming entertainment; 1,937 slot machines; 125 gaming tables; and a William Hill sportsbook that offers both sports wagering and online gaming within the state of New Jersey.
The entity also boasts 160,000 square feet of meeting and convention space; 90,000 square feet of outdoor space; four upscale dining restaurants; 11 casual dining options; a 40,000 square foot spa; six signature day and nightlife experiences; a 5,000-seat concert venue; and a Topgolf Swing Suite