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.