Ilitch family takes full ownership of Ocean Casino Resort

What's the deal? Ilitch HoldingsDealroom has a profile for this one. Try Dealroom →' gaming arm, Ilitch Gaming, completed its acquisition of the remaining 50% stake in Ocean Casino Resort, taking full ownership of the Atlantic City property. The deal, first announced in June 2026, hands the Ilitch family total control of the casino it partly owned since 2021.

How we got here: The Ilitch family bought its initial half of Ocean in 2021 from Luxor CapitalDealroom has a profile for this one. Try Dealroom →. The hedge fund had assumed ownership after former owner Bruce Deifik — to whom it had lent money for the purchase — died in a 2019 car crash.

The property's history: The casino first opened in 2012 as the Revel Casino Hotel, which closed in 2014 after less than two years. It reopened as Ocean in 2018.

Luxor later invested $70 million in the property, including $50 million to pay down debt. It also brought in a management team with Atlantic City experience and fixed perceived flaws, from a confusing casino floor layout to steep escalators that got safety panels.

Why it matters: "Atlantic City remains one of the country's most important gaming and hospitality markets, and achieving full ownership of Ocean represents an important milestone," said John Policicchio, chief executive officer and chief development officer of Ilitch Gaming.

The signal: Full ownership gives the Ilitch family, a longtime player in gaming and entertainment, undivided control over one of Atlantic City's marquee resorts — betting that the market's momentum still has room to run.

Read more: Pechanga.net

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