Ilitch group acquires stake in Atlantic City casino
The group, which owns a casino in Detroit, has entered Atlantic City after acquiring half of Ocean Casino from a New York hedge fund.
US.- The Ilitch family has acquired half of the Ocean Casino at Atlantic City from a New York hedge fund.
The Ilitch family owns the major-league sports teams the Detroit Tigers (baseball) and Red Wings (hockey), nationwide pizza chain Little Caesars, and the MotorCity Casino Hotel in Detroit.
The company has applied to New Jersey regulators for interim approval to own part of the casino.
The amount of the Ilitch family’s investment was not disclosed. The deal will need regulatory approval.
The hedge fund said in a statement: “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.”
Ocean Casino opened nine years ago as Revel but the $2.4bn resort immediately ran into financial trouble, leading to two bankruptcy filings and its closure after just over two years of operation.
