Luxor Capital revealed as new Ocean Resort Casino owner
Luxor Capital Group has been revealed as the new owner of the revamped Ocean Resort Casino in Atlantic City, with the New York-based hedge fund to provide capital for a series of improvements at the New Jersey venue.
Luxor, which has no affiliation with the similarly-named property in Las Vegas, has set out plans to invest $70m (£53.2m/€61.2m) in the venue, providing the bulk of this funding itself, supported by additional investors.
This commitment is expected to result in Luxor taking a controlling stake in the venue from AC Ocean Walk, which acquired the facility in January 2018.
Ocean Resort Casino expects the strategic investment to close in early February, pending appropriate regulatory approvals and final documentation, with Luxor required to secure a New Jersey licence to facilitate the takeover.
Ocean Resort Casino said the proposed investment would help fund various projects in 2019 and grant the venue more financial flexibility, so that it can focus on enhancing its guest experience moving forward.
Planned improvements for 2019 include investment in a new buffet service, new suite and room products, as well as incremental investment in its casino offering. In addition, the venue plans to expand its entertainment programming and player events throughout the year.
Previously known as the Revel Casino Hotel Atlantic City, the casino first opened its doors in April 2012, but was forced to close little over two years later after it declared Chapter 11 bankruptcy for the second time.
After several failed takeover attempts, AC Ocean Walk acquired the facility in January 2018, reopening the venue in June that year under its new name. It is not yet clear whether the site will rebrand under its new owner.
Over the past year, Ocean Resort Casino has undergone a major improvement project. The facility now has 138,000 square feet of gaming space with more than 100 table games and almost 2,000 slot machines, a sportsbook – operated in partnership with William Hill – a meeting and convention space, and a 5,000-seat concert hall.
Ocean Resort Casino also offers online gambling services to customers through a deal with GAN. This includes real-money online gaming and simulated gaming.
“We are incredibly proud of the progress our team members have made in establishing Ocean Resort Casino as one of the premier gaming and leisure destinations in the United States,” Ocean Resort Casino CEO Frank Leone said.