Listen to this article

Ocean Resort Casino in Atlantic City on Monday provided an overview of the development of the property and casino in 2018, and introduced its plans for 2019, including recently securing a commitment of strategic capital.

New York hedge fund Luxor Capital Group was identified by Ocean Resort Casino in a press release, as the new owner.

Luxor Capital will take over the ownership interest of Bruce Deifik, and will assume control once it receives interim authority to own a casino. Until it gets that approval, which could come in 90 to 120 days, a trust will be created for the casino’s temporary ownership.

Luxor Capital will also be completing a promised $70 million investment at the property in which a trustee will be appointed to oversee the trust until the company is deemed suitable to hold a casino license in New Jersey. The strategic investment is expected to close in early February, pending the receipt of the appropriate regulatory approvals and final documentation.

The proposed investment will help fund Ocean Resort Casino’s strategic plan for 2019 and provide the casino with the financial flexibility to pursue even greater investment in its guest experience going forward.

Specifically, the 2019 budget includes capital investment in a world-class buffet, additional suite and room product, incremental investments on the casino floor and other exciting projects. Ocean Resort Casino also plans for a substantial increase in its entertainment programming and player events throughout the year.

Ocean Resort Casino expects no operational effects from the temporary existence of the trust.