Ilitch Gaming Completes Purchase of Ocean Casino Resort, Becomes Sole Owner

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Ilitch Gaming Completes Purchase of Ocean Casino Resort, Becomes Sole Owner

By Staff Report

ATLANTIC CITY — Detroit-based Ilitch Gaming is now the sole owner of Ocean Casino Resort after completing its purchase of the remaining ownership stake in the Atlantic City property.

The transaction received final approval from the New Jersey Division of Gaming Enforcement, clearing the way for Ilitch to acquire the remaining 50% interest it did not already own. The financial terms of the deal were not released.

Ilitch Companies first announced plans to buy the remaining share in June. The company initially entered the Atlantic City market in 2021 by investing $175 million to acquire a 50% ownership interest in Ocean Casino Resort. The other half had been held by Luxor Capital Group and additional investors.

The acquisition gives Ilitch full control over the resort's operations, future investments and long-term strategy.

The ownership change comes after several years of significant investment at Ocean. Since opening in 2018, the resort has been in the midst of a multi-year capital improvement program totaling approximately $270 million.

Last year, Ocean announced more than $50 million in additional upgrades, including renovations to its remaining hotel rooms and suites, an expansion of the casino floor and the addition of several new restaurants.

The property is also expected to invest another $20 million this year in projects focused on dining, entertainment, wellness amenities and other guest enhancements.

The acquisition also strengthens Ilitch Gaming's growing portfolio. The company created the new gaming division earlier this year to oversee its casino and hospitality properties, including MotorCity Casino Hotel in Detroit. Ocean Casino Resort now joins that portfolio as a wholly owned property, while the company is also awaiting regulatory approval to acquire Scarlet Pearl Casino Resort in Mississippi.

Ocean has become one of Atlantic City's strongest-performing casinos. In June, the resort ranked third among the city's nine casinos in land-based gaming revenue, generating $43.5 million. Through the first six months of 2026, the casino reported more than $233 million in gaming revenue, an increase of approximately 6.6% over the same period a year earlier.

The Boardwalk resort features 1,860 renovated guest rooms and suites, a 135,000-square-foot casino, a 4,500-seat entertainment venue and a Fanatics Sportsbook. The property also operates the betOcean online casino platform in New Jersey.

While the ownership structure has changed, no immediate changes have been announced for customers or employees. The resort will continue operating under the Ocean Casino Resort name, and the company has not announced any new construction projects or changes to its gaming or loyalty programs.

State gaming regulators said the transaction represents another significant investment in Atlantic City's casino industry and underscores continued confidence in the city's future as a major East Coast tourism destination.