Michigan-based company Ilitch Holdings has announced this week that they've come to terms with Luxor Capital Group to purchase a 50% stake in the Ocean Casino Resort out of Atlantic City.
The news of the purchase comes with the announcement that the resort will have a $75 million renovation, with more than 460 new hotel rooms being added, new restaurants, and entertainment experiences for visitors. The casino floor also underwent renovations earlier this year. Terms of the 50% purchase weren't made publicly available.
Ilitch Holdings has a history in the casino industry, as they own and operate the MotorCity Casino in Detroit, Michigan. The company also oversees the Little Caesar's pizza chain, Detroit Red Wings hockey team, and Detroit Tigers baseball team.
A statement from Luxor Capital read in part: "We're excited to welcome the Ilitch organization to Atlantic City. Their investment gives Ocean access to growth capital and provides a strategic partner to Luxor."
Ocean Casino Resort CEO Bill Callahan also commented, noting: "Over the last year, Ocean has worked to strengthen its position in the market. The ability to meet growing demand in our hotel experience will create new energy throughout the resort - from our casino floor and award-winning restaurants to our renowned nightlife and entertainment venues."