Ilitch Gaming has successfully finalized its acquisition of the remaining 50% stake in Ocean Casino Resort located in Atlantic City, New Jersey, thereby gaining complete ownership of the property and enhancing its portfolio in gaming, hospitality, and entertainment.
This deal, which was initially revealed in June, allows Ilitch Gaming to hold 100% ownership of the resort after previously acquiring a 50% interest in 2021. The company is the latest venture of the Ilitch family, who are also the founders of the popular Little Caesars pizza chain. Chris Ilitch, the son of the late Mike Ilitch and Marian Ilitch, chairs the organization.
John Policicchio, the CEO and Chief Development Officer of Ilitch Gaming, stated that the company has collaborated closely with the leadership at Ocean Casino Resort over the years to enhance operational efficiency and improve guest offerings.
“Ocean Casino Resort has evolved into a remarkable destination due to the hard work of our dedicated team, ongoing investments in the property, and our focus on enhancing the guest experience,” Policicchio remarked.
He emphasized that “Atlantic City is one of the most significant markets for gaming and hospitality in the nation,” and achieving full ownership of Ocean represents “a crucial milestone.”
Policicchio expressed eagerness to collaborate with the Ocean team to build upon the progress they have made.
Since acquiring its initial stake in 2021, Ilitch Gaming has invested in improving the guest experience, boosting operational performance, nurturing workplace culture, and positioning the resort for sustainable growth.
Ocean Casino Resort, situated on over 20 acres of beachfront along the Atlantic City Boardwalk, boasts 1,860 renovated guest rooms and suites, a casino floor spanning 135,000 square feet, a 4,500-seat entertainment venue, and over 160,000 square feet dedicated to meetings and conventions.
This acquisition comes on the heels of the establishment of Ilitch Gaming in June by Ilitch Companies, which aims to manage the group’s gaming-related ventures and support future expansion efforts.
Ilitch Gaming currently manages MotorCity Casino Hotel in Detroit and will also oversee Ocean Casino Resort, pending regulatory approvals. Additionally, the company has reached an agreement to acquire Scarlet Pearl Casino Resort in D'Iberville, Mississippi, also subject to regulatory approvals and standard closing conditions.