Ilitch Holdings acquires 50% stake in Atlantic City’s Ocean Casino Resort
| By Robert Fletcher
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.
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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.