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Ilitch Gaming has completed the acquisition of the remaining 50% ownership interest in Ocean Casino Resort in Atlantic City, New Jersey, taking full ownership of the property and expanding its gaming, hospitality and entertainment portfolio.
The transaction, first announced in June, gives Ilitch Gaming 100% ownership of the resort after it acquired an initial 50% stake in 2021. Ilitch Gaming is the new gaming company of the Ilitch family, founders of the Little Caesars pizza chain. It is chaired by Chris Ilitch, son of Little Caesars founders Marian Ilitch and the late Mike Ilitch.
John Policicchio, Chief Executive Officer and Chief Development Officer of Ilitch Gaming, said the company had worked with Ocean Casino Resort’s leadership over the past several years to strengthen the property’s operations and guest offering.
“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,” Policicchio said.
He added that “Atlantic City remains one of the country’s most important gaming and hospitality markets” and that achieving full ownership of Ocean marked “an important milestone.”
“We look forward to working with our Ocean colleagues to build on the momentum they have created,” Policicchio said.
Ilitch Gaming said that since acquiring its initial stake in 2021, it has invested in enhancing the guest experience, improving operating performance, fostering workplace culture and positioning the resort for long-term growth.
Located on more than 20 beachfront acres along the Atlantic City Boardwalk, Ocean Casino Resort features 1,860 renovated guest rooms and suites, a 135,000-square-foot casino floor, a 4,500-seat entertainment venue and more than 160,000 square feet of meeting and convention space.
The acquisition follows the formation of Ilitch Gaming in June by Ilitch Companies as a dedicated platform to oversee the group’s gaming-related businesses and support future growth initiatives.
Ilitch Gaming currently oversees MotorCity Casino Hotel in Detroit and will also oversee Ocean Casino Resort, subject to regulatory approvals. The company also has an agreement to acquire Scarlet Pearl Casino Resort in D’Iberville, Mississippi, subject to regulatory approvals and customary closing conditions.