Ilitch Gaming, part of Ilitch Cos. in Detroit, has announced that an affiliate has completed the acquisition of the remaining 50 percent ownership interest in Ocean Casino Resort in Atlantic City, N.J.
The transaction, terms of which were not disclosed, was first announced in June. It expands Ilitch Gaming’s national gaming, hospitality, and entertainment portfolio.
Since the initial 50 percent ownership interest was acquired in 2021 for $175 million from Luxor Capital Group, Ilitch Gaming’s team has worked closely with Ocean’s leadership to strengthen operating performance and position the resort for long-term growth.
“Ocean Casino Resort has become an exceptional resort destination through the dedication of our talented colleagues, sustained investment in the property, and a commitment to the guest experience,” says John Policicchio, chief development officer and CEO of Ilitch Gaming.
“Atlantic City remains one of the country’s most important gaming and hospitality markets, and achieving full ownership of Ocean represents an important milestone. We look forward to working with our Ocean colleagues to build on the momentum they have created.”
Spanning over 20 beachfront acres along the Atlantic City Boardwalk, Ocean Casino Resort features 1,860 renovated guest rooms and suites, a 135,000-square-foot casino floor, a 4,500-seat entertainment venue, and more than 160,000 square feet of meeting and convention space.
The resort also offers award-winning dining from restaurateurs Stephen Starr and José Garces, wellness experiences at Exhale Spa + Bathhouse, and nightlife at HQ2 Beachclub and Nightclub.
The transaction follows Ilitch Cos.’ formation of Ilitch Gaming in June as a dedicated platform to oversee the organization’s gaming-related businesses and support future growth initiatives.
Ilitch Gaming currently oversees MotorCity Casino Hotel in Detroit, and will oversee Ocean Casino Resort in Atlantic City, subject to regulatory approvals. Ilitch Gaming also announced an agreement in June for an affiliate to acquire Scarlet Pearl Casino Resort in D’Iberville, Miss., subject to regulatory approvals and customary closing conditions.
For more information, visit theoceanac.com.
Ilitch Cos. owns Little Caesars, Ilitch Sports + Entertainment, Detroit Tigers, Detroit Red Wings, Olympia Development, Olympia Parking, Little Caesars Supply Chain, Champion Foods, Little Caesars Fundraising, Tenda, and Ilitch Gaming, along with joint venture ownership of 313 Presents with Pistons Sports & Entertainment.
For more information, visit ilitchcompanies.com.
