The basics:

• Ilitch Gaming completes acquisition of Ocean Casino Resort
• New Jersey regulators approve full ownership transaction
• Ocean Casino posts $43.5M in June casino revenue
• Resort continues investing in new gaming, entertainment amenities

Ilitch Gaming announced Aug. 3 that an affiliate has completed the acquisition of the remaining 50% ownership interest in Ocean Casino Resort in Atlantic City.

According to the state Casino Control Commission, the transaction was made through OCR Investment LLC and OCRM LLC.

Announced in June, the deal expands Ilitch Gaming’s national gaming, hospitality and entertainment portfolio. The final transaction was approved by the New Jersey Division of Gaming Enforcement, the Casino Control Commission noted Aug. 3. Financial terms of the deal were not disclosed.

In 2021, Ilitch Cos. acquired a 50% ownership stake through a partnership with Luxor Capital Group. The formation of Ilitch Gaming, announced June 18, consolidates the company’s casino and hospitality assets.

“Ocean Casino Resort has become an exceptional resort destination through the dedication of our talented colleagues, sustained investment in the property, and a commitment to the guest experience,” Ilitch Gaming CEO and Chief Development Officer John Policicchio said in a statement.

“Atlantic City remains one of the country’s most important gaming and hospitality markets, and achieving full ownership of Ocean represents an important milestone,” Policicchio added.

AC: ‘A tourism stronghold’

In the latest numbers released by the New Jersey Division of Gaming Enforcement, Ocean Casino reported total casino win of $43.5 million, Atlantic City’s third-best property tally for June.

“I commend the Ilitch Cos. and its ownership, as well as the management and team members at Ocean Casino Resort for their continued focus on Atlantic City and providing a first-class experience,” said Casino Control Commission Chairman James Plousis. “Atlantic City has nine, unique world-class destinations and, with this investment, it will remain a tourism stronghold on the East Coast,” he added.

This spring, Ocean Casino Resort unveiled a summer lineup of new amenities and entertainment, including an upgraded sound system at Ovation Hall and new food, beverage and retail offerings. It also announced a new high-limit gaming experience, The Cove, scheduled to open in January 2027.

Other amenities include:

• More than 20 beachfront acres along the Atlantic City Boardwalk
• 1,860 renovated guest rooms and suites
• A 135,000-square-foot casino floor
• A 4,500-seat entertainment venue
• More than 160,000 square feet of meeting and convention space
• Dining from acclaimed restaurateurs Stephen Starr and José Garces
• Luxury wellness experiences at Exhale Spa + Bathhouse
• Nightlife offerings at HQ2 Beachclub and Nightclub
• Ocean’s 18, the first mini golf course built inside an Atlantic City casino

Ilitch Gaming also oversees MotorCity Casino Hotel in Detroit. Parent company Ilitch Cos. also owns brands such as Little Caesars, the Detroit Tigers, Detroit Red Wings and others.

Other changes on Atlantic City’s horizon include the proposed $17.6 billion acquisition of Caesars Entertainment by Fertitta Entertainment, announced in May.