ATLANTIC CITY, N.J. – April 6, 2021 – Luxor Capital Group, LP, the primary owner of Ocean Casino Resort, announced today that it is pursuing a partnership with the Ilitch organization. Subject to regulatory approvals and final closing conditions, the Ilitch organization would own, through an affiliate, up to 50% of Ocean, with Luxor owning the rest.
This joint endeavor will bring to Atlantic City the extensive experience that the Ilitch organization has in the gaming industry through MotorCity Casino Hotel, Detroit’s only locally owned and operated casino. MotorCity Casino Hotel offers luxury hotel accommodations and spa facilities, fine and casual dining, live entertainment, and world-class gaming. Additionally, the Ilitch companies represent leading brands in the food, sports and entertainment and real estate development industries and employ tens of thousands of people worldwide.
Luxor Capital commented, “We are extremely excited about the proposed investment by the Ilitch organization, 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 organization for years to come.”
The Ilitch organization recognizes the success that the team at Ocean has achieved over 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.
More details will be shared once all regulatory processes are complete.