Sale of 50% Atlantic City’s Ocean Casino approved

The sale is expected to close within 30 days.
The sale is expected to close within 30 days.

The New Jersey Casino Control Commission has accepted the sale of half of the venue to the Ilitch group for $17m.

US.- The New Jersey Casino Control Commission has approved the sale of half of Atlantic City’s Ocean Casino Resort to the Ilitch group for $175m. The group will share equally in major decisions concerning the resort’s operation with the current owners, Luxor Capital Group, a New York hedge fund.

From the total investment, $70m will be used to complete 464 hotel rooms that have remained unfinished since the resort opened in 2012. The sale is expected to close within 30 days.

Michael Conboy, a principal at Luxor, said the Ilitch organization looks to be a strong partner to own and operate the casino. “I wouldn’t say we kissed a lot of frogs, but we batted eyelashes at a lot of frogs, and we found a prince. They share our growth vision”, he told the casino commission.

Ilitch owns professional sports teams, a nationwide pizza chain and a casino in Detroit.

A few days ago, Terry Glebocki, chief executive officer of Ocean Casino Resort, resigned from her position after two years. Glebocki helped Ocean, formerly known as Revel, return to profitability after losing money for years. She became CEO in December 2019.

See also: Atlantic City casinos profit more than triples in Q1

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