Luxor Capital Group LP, the primary owner of Ocean Casino Resort in Atlantic City, said this week it is pursuing a partnership that would see the Ilitch organization own up to half of the casino hotel.
According to a news release, Luxor would own the remaining 50% (or more) of the property, subject to regulatory approvals and closing conditions.
“We are extremely excited about the proposed investment by the Ilitch organization, which, if approved, will give Ocean access to growth capital and provide a strategic partner to Luxor,” Luxor Capital said in a prepared statement. “We look forward to continuing to grow Ocean in partnership with the Ilitch organization for years to come.”
The Michigan-based Ilitch organization, part of the Ilitch family of companies, owns MotorCity Casino Hotel, Detroit’s only locally owned and operated casino.