Ilitch Gaming has accomplished the acquisition of the remaining 50% possession curiosity in Ocean Casino Resort in Atlantic City, New Jersey, giving the corporate full management of the property.
The transaction, which was first introduced in June, expands Ilitch Gaming’s presence within the US gaming and hospitality sector. Financial phrases of the deal weren’t disclosed.
Ilitch Gaming acquired its preliminary 50% stake in Ocean Casino Resort in 2021. Since then, the corporate has labored alongside Ocean’s administration crew on operational enhancements, investments within the property and initiatives targeted on the visitor expertise.
John Policicchio, Chief Executive Officer and Chief Development Officer of Ilitch Gaming, mentioned the resort’s improvement has been supported by ongoing funding and the efforts of its staff.
“Ocean Casino Resort has become an exceptional resort destination through the dedication of our talented colleagues, sustained investment in the property, and a commitment to the guest experience,” mentioned Policicchio, as reported by Business Wire. “Atlantic City remains one of the country’s most important gaming and hospitality markets, and achieving full ownership of Ocean represents an important milestone. We look forward to working with our Ocean colleagues to build on the momentum they have created.”
Ocean Casino Resort Expands Ilitch Gaming Portfolio
Ocean Casino Resort occupies greater than 20 beachfront acres alongside the Atlantic City Boardwalk. The property consists of 1,860 renovated resort rooms and suites, a 135,000-square-foot on line casino ground, a 4,500-seat leisure venue and over 160,000 sq. ft of assembly and conference amenities.
The resort’s choices additionally embrace eating venues operated by restaurateurs Stephen Starr and José Garces, Exhale Spa + Bathhouse wellness amenities, and nightlife places together with HQ2 Beachclub and Nightclub.
The property gives each retail and on-line gaming providers. Fanatics Sportsbook operates the resort’s land-based sports activities betting providing, whereas on-line gaming is offered by the guessOcean platform.
The completion of the acquisition follows the creation of Ilitch Gaming by Ilitch Companies in June. The new platform was established to handle the group’s gaming-related companies and help future enlargement plans.
Ilitch Gaming at the moment oversees MotorCity Casino Hotel in Detroit, Michigan. The firm can also be pursuing the acquisition of Scarlet Pearl Casino Resort in D’Iberville, Mississippi, by an affiliate, with that transaction nonetheless topic to regulatory approvals and customary closing necessities.
The firm’s gaming operations are led by Chris Ilitch, who serves as chairperson, whereas Policicchio holds the roles of chief government officer and chief improvement officer.
Company Builds Presence Across US Gaming Markets
The Ocean Casino Resort acquisition represents one other step in Ilitch Gaming’s efforts to extend its involvement in main gaming markets throughout the United States.
The Atlantic City property grew to become a part of the Ilitch portfolio after the household acquired a 50% possession curiosity in 2021. Following that funding, the corporate mentioned it targeted on strengthening resort operations, bettering office tradition and supporting long-term progress.
The resort has continued to function as a significant vacation spot inside Atlantic City’s hospitality sector, combining on line casino operations with leisure, eating and conference amenities.
Ilitch Gaming mentioned the completion of full possession creates a chance to proceed growing the property with its current crew.
