On August 3, Illitch Gaming closed its purchase of the outstanding 50 percent ownership of Ocean Casino Resort in Atlantic City. The transaction consummates a buyout first announced in June. The transfer of ownership still awaits New Jersey regulatory approval, according to Illitch.
“Ocean Casino Resort has become an exceptional destination through the dedication of our talented colleagues, sustained investment in the property, and a commitment to the guest experience,” remarked Illitch Gaming CEO John Policicchio, in a press release.
Continued Policicchio, “Atlantic City remains one of the country’s most important gaming and hospitality markets and achieving full ownership of Ocean represents an important milestone.”
Formed in June, Illitch Gaming owns, in addition to Ocean Casino, MotorCity Casino in Detroit. It is in talks to acquire Scarlet Pearl Casino Resort on Mississippi’s southern coast, subject to closing terms and regulatory assent.
Ocean has a checkered history. Opened in 2012, it went through two bankruptcies before closing in 2014. It was subsequently sold to investor Glenn Straub’s Polo North Country Club for $90 million. After several ups and downs, the property passed to Straub in 2015. A plan to rebrand the casino as TEN never materialized and Straub subsequently resold the property. It reopened as Ocean Resort Casino in June 2018.
In 2019, owner Bruce Deifik flipped Ocean to Luxor Capital Group. The property was then rebranded Ocean Casino Resort, to better attract gamblers. Two years later, the Illitch family bought a half-interest in Ocean and installed its own management team.
