Newly Approved Ocean Casino Resort Ownership Team Eyes Expansion
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The Ilitch family of Detroit acquired half-ownership of the Boardwalk casino from Luxor Capital Group. The current 1,399-room footprint is set to expand by more than 450 rooms next year. Some new floors could open by Memorial Day, with the full opening for July 4th weekend. The Ilitches will spend another $105 million toward paying off debt at the former Revel casino site. A rebranded and retooled Ocean Resort Casino opened in mid-2018.
Terry Glebocki left his position as CEO of Ocean Casino Resort in 2020-21. The Ilitches bought the casino from Luxor Capital in 2019. They want to collaborate with Hard Rock on reinvigorating the North Beach area. The Revel property was considered as a possible acquisition target in 2014, but it was not a good fit. It was a non-starter due to the high real estate taxes and the utility costs.
The Ocean Casino Resort Ownership Team is planning an expansion. The new owners are pleased with the overall direction of the Atlantic City property. They spent $15 million in the past year on a high-limit slots area, a new lounge and a clear pathway for customers to better navigate the casino floor.
