Ilitch Gaming has completed the acquisition of the remaining 50% ownership interest in Ocean Casino Resort in Atlantic City, New Jersey, giving the company full control of the property.
The transaction, which was first announced in June, expands Ilitch Gaming’s presence in the US gaming and hospitality sector. Financial terms of the deal were not disclosed.
Ilitch Gaming acquired its initial 50% stake in Ocean Casino Resort in 2021. Since then, the company has worked alongside Ocean’s management team on operational improvements, investments in the property and initiatives focused on the guest experience.
John Policicchio, Chief Executive Officer and Chief Development Officer of Ilitch Gaming, said the resort’s development has been supported by ongoing investment and the efforts of its employees.
“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,” said Policicchio, as reported by Business Wire. “Atlantic City remains one of the country’s most important gaming and hospitality markets, and achieving full ownership of Ocean represents an important milestone. We look forward to working with our Ocean colleagues to build on the momentum they have created.”
Ocean Casino Resort Expands Ilitch Gaming Portfolio
Ocean Casino Resort occupies more than 20 beachfront acres along the Atlantic City Boardwalk. The property includes 1,860 renovated hotel rooms and suites, a 135,000-square-foot casino floor, a 4,500-seat entertainment venue and over 160,000 square feet of meeting and convention facilities.
The resort’s offerings also include dining venues operated by restaurateurs Stephen Starr and José Garces, Exhale Spa + Bathhouse wellness facilities, and nightlife locations including HQ2 Beachclub and Nightclub.
The property provides both retail and online gaming services. Fanatics Sportsbook operates the resort’s land-based sports betting offering, while online gaming is available through the betOcean platform.
The completion of the acquisition follows the creation of Ilitch Gaming by Ilitch Companies in June. The new platform was established to manage the organization’s gaming-related businesses and support future expansion plans.
Ilitch Gaming currently oversees MotorCity Casino Hotel in Detroit, Michigan. The company is also pursuing the acquisition of Scarlet Pearl Casino Resort in D’Iberville, Mississippi, through an affiliate, with that transaction still subject to regulatory approvals and standard closing requirements.
The company’s gaming operations are led by Chris Ilitch, who serves as chairperson, while Policicchio holds the roles of chief executive officer and chief development officer.
Company Builds Presence Across US Gaming Markets
The Ocean Casino Resort acquisition represents another step in Ilitch Gaming’s efforts to increase its involvement in major gaming markets across the United States.
The Atlantic City property became part of the Ilitch portfolio after the family acquired a 50% ownership interest in 2021. Following that investment, the company said it focused on strengthening resort operations, improving workplace culture and supporting long-term growth.
The resort has continued to operate as a major destination within Atlantic City’s hospitality sector, combining casino operations with entertainment, dining and convention facilities.
Ilitch Gaming said the completion of full ownership creates an opportunity to continue developing the property with its existing team.