It has become increasingly cumbersome for companies’ wishing to operate in New Jersey’s gambling space to acquire regulatory approval. This is the reason for the many instances of collaboration that have been happening in the recent past between NJ licensed casino practitioners and new comers. In a recent announcement that was made to this effect, the owners of Ocean Casino Resort, Luxor Capital Group, LP, revealed that regulatory approval had been given to the Ilitch Organization through affiliate ownership of, 50% stake in Ocean.
The remaining 50% stake will be controlled by Luxor; this means that the two brands will collaborate on matters that affect Ocean. News of the joint venture between Luxor and Ilitch started making the rounds in the gambling industry at the beginning of the year. For the rumors to finally gain concrete ground through actualization is an exciting phase for Ocean because the resort has for a long time been involved in activities that would advance its business into the premier Atlantic City destination.
The investment that Ilitch has made by buying into the business of Ocean is going to provide the resort with the much needed footing that will propel their business upwards. Success for the Ocean Resort can only be achieved after there has been significant expenditure on property upgrades and enhanced customer as well as employee experiences.
One of the senior managers of Luxor Capital commented on how exciting it is to be playing host to Ilitch Organization as they make a debut in Atlantic City. By pumping money in the form of investment capital at this point in the casino’s business, the financial strategists have cleared the way for Ocean to grow. Within the past year, the Ocean’s gambling operations team has made immense progress especially under new brand leadership. Top executives are drawn from the hospitality as well as casino gaming sectors.
It is only a few months since the strategic management changes took place at Ocean but the brand continues to grow its market share as it clinched an influential position in the gambling market of New Jersey. There is every indication that Ocean management is optimistic about this partnership which is expected to move the Ocean business forward.
In line with the terms of the investment partnership, Ocean has made it public that the next one year will see a reinvestment of over $75 million in resort business. Part of this money which will be directly used to improve the casino’s business will be channeled towards construction of an additional 460 hotel suites and guest rooms. This deal is taking shape right after the casino had pumped in funds into redesigning its casino gaming area to enhance new high limit customer experiences.
Speaking on the company’s business aspirations, the Executive Vice President of Hospitality at Ocean Casino Resort, Bill Callahan, spelt out the operator’s journey to the top. There has been an exceptional demonstration of commitment from the entire management team and everyone is excited that growth is still happening. By investing in hotel experience systems that allows a casino establishment to meet the growing demand in the market, the casino will receive an energy shot that will cause ripples in all areas of the resort. Guests will feel a new bust of freshness not only on the poker table on the casino floor but also in eating stations and entertainment venues.
The renovation work on Ocean Casino will start from the hotel floors; work will be taking place on 12 floors which have been planned to hold close to 100 suites and 360 hotel rooms. In addition to giving the hotel wing a new look there are plans to improve the non-gaming related amenities within the resort. Some of the areas where serious work will be focused are food joints and entertainment venues. Finer details covering all the developments expected at Ocean will be made public before the end of the year.
The contribution of Ilitch to the gambling sector
Although Ilitch is not widely known in the gaming scene, it has gambling interests in MotorCity Casino Hotel which is the only locally owned and operated casino in the whole of Detroit. For this reason, it is safe to say that the company does indeed have experience in the gaming industry; by offering spa facilities and luxury hotel accommodation, world class gaming experiences, live gaming and fine dining at the MotorCity, this places them at the center of what the industry considers to be all inclusive gaming.
In addition to that, Ilitch operations represent business interests similar to major brands in the real estate, sports and entertainment, as well as food. This is not the first time that Ilitch is buying shares in another company; the intent is to expand its business portfolio across regions and countries of the world.
An overview of Ocean Casino
Located on the Atlantic City beachfront, the Ocean Casino Resorts sits on 20 acres of prime land; on what is popularly known as Atlantic City Boardwalk. In the Best of Philly 2021, organized by Philadelphia Magazine the casino was awarded the top prize for best casino. Apart from the gambling lounge, the establishment also features exquisite guest rooms and entertainment facilities. The current number of suites and guest rooms at the casino resort stands at 1,399; the gaming area is made up of 13,000 square feet of space which is occupied by all manner of casino products and offers – 108 gaming tables and 1,720 slot machines.
Apart from the resting and gaming areas, the casino also boasts of; 90,000 square feet of unique outdoor space, 160,000 square feet of meeting and convention space as well as a concert venue that can comfortably accommodate 4,500. Ocean is listed among the top destinations for topgolf due to its swing suite. All this abundance spells wealth and power for anyone who invests lavishly to give the establishment a new look.