Their investment gives Ocean access to growth capital and provides a strategic partner to Luxor.
Luxor Capital commented, “We are excited to welcome the Ilitch organization to Atlantic City. Ilitch’s investment will allow the resort to build on its success through continued expenditure in the property and enhanced customer and team member experiences. The joint venture, previously announced earlier this year, is an exciting development for Ocean as the resort continues to advance into the premier Atlantic City destination. Luxor will control the remaining 50% and will share equally with the Illitch organization in major decisions involving Ocean. Luxor Capital Group, LP, the primary owner of Ocean Casino Resort, announced that the Ilitch organization has received regulatory approval and will acquire, through an affiliate, 50% of Ocean. General Business Ilitch Organization Gets 50% Control of Ocean Casino Resort Ocean Casino Resort announces $75M property reinvestment in 2022, including 12 floors of new hotel rooms and suites On Oct 15, 2021
