Ilitch Gaming has closed the buyout of the remaining 50% interest in Ocean Casino Resort in Atlantic City, New Jersey, and now owns the property outright. The deal was announced in June; the first half of the stake moved to the company in 2021.
Ilitch Gaming is the gaming arm of the Ilitch family, founders of the Little Caesars chain. Chris Ilitch, son of Marian Ilitch and the late Mike Ilitch, chairs the board. CEO and chief development officer John Policicchio said the company had spent several years working with Ocean's management on operating performance and the guest offer. 'Atlantic City remains one of the most important gaming and hospitality markets in the country,' he said, calling full control of Ocean an important milestone.
What Ocean holds
The resort covers more than 20 acres on the Atlantic City Boardwalk. It has 1,860 renovated rooms and suites, a 135,000 sq ft casino floor, a 4,500-seat concert venue and more than 160,000 sq ft of conference space. Since 2021 Ilitch Gaming has put money into the guest experience, operating results and team culture.
Ilitch Gaming was set up in June as a standalone Ilitch Companies unit to hold the group's gaming assets. It also runs MotorCity Casino Hotel in Detroit. A deal to buy Scarlet Pearl Casino Resort in D'Iberville, Mississippi, is agreed, with closing subject to regulatory approval and customary conditions. For affiliate teams on US traffic, this is another case of regional casino assets consolidating under large family holdings: revshare and offer talks in Atlantic City now run with one owner instead of two.
