Ocean Casino to turn a profit this month
The casino has struggled in recent years but its interim CEO is confident that it will finally report profits this month.
US.- Atlantic City suffered a major set back in recent years, and after several casinos closing their doors, the industry finally managed to stabilise. However, Ocean Casino Resort remained one of the facilities that kept struggling. Now, its interim CEO informed that it will finally report profits this month.
Eric Matejevich, the interim CEO of Ocean Casino Resort, said that the facility has greatly reduced its debt and will return to profitability in May. Matejevich is interim CEO while an ownership transfer takes place. The facility’s ownership is being transferred from late Bruce Deifik to Luxor Capital.
Luxor invested US$70 million into the property, and US$50 million were directed to pay down debt. Matejevich told Associated Press that it helped improve the balance sheet. “In a lot of ways, we’re going faster than we had imagined we could,” Matejevich said. “We’ve largely eliminated losses at the property and we are making a major effort to reintroduce this place to people.”
“Luxor is committed to operating Ocean and is pleasantly surprised by the speed of operating improvements at the property,” Matejevich said. “Luxor fully anticipates the market slowdown associated with the fall and winter seasons.”
