News broke this week that a Luxor Capital Group LP is selling at least half of its stake in the Ocean Casino Resort in Atlantic City to Illitch Holdings, which is the owner of the MotorCity Casino in Detroit.
Illitch Holdings is a prominent entertainment company, as they operate the casino in Detroit, own the MLB team Detroit Tigers, NHL team Detroit Red Wings, and global pizza giant Little Caesars. This proposed deal would expand the company's casino footprint and also give them the ability to launch online casino services in the state of New Jersey. Currently, the company holds an agreement with FanDuel to provide online betting services in the state of Michigan.
Commenting on the deal Luxor said, "We are extremely excited about the proposed investment by the Ilitch organization, which, if approved, will give Ocean access to growth capital and provide a strategic partner to Luxor. We look forward to continuing to grow Ocean in partnership with the Ilitch organization for years to come."
This deal is subject to regulatory approvals and will likely take some time to go through. We'll be following the story and updating readers as we learn more.