Luxor Capital to own Ocean Resort Casino

Luxor Capital is set to acquire the Atlantic City facility. Credits: PhillyVoice.com

The New York group has identified as the new owner of the Atlantic City facility.

US.- Luxor Capital Group has announced in a press release on Monday that it is now the new owner of Atlantic City’s Ocean Resort Casino. The hedge fund, which had lent money to the casino, will take over ownership interest of Bruce Deifik.

The New York group is set to assume control of the facility once it gains interim authority to own a casino from the local regulator. Until that happens, which could take as much as four months, a trust will be created for its temporary ownership. Once the company completes the US$70 million investment into the property, a trustee will be appointed to oversee the trust until it is suitable to hold the licence in the state.

“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,” said Frank Leone, the casino’s CEO. “We are thankful for the support we have received from the broader Atlantic City and New Jersey community and look forward to an exciting 2019.”

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