Luxor Capital Group Announces Plans for New Ownership Partner of Ocean Casino Resort

ATLANTIC CITY, N.J., April 6, 2021 /PRNewswire/ -- Luxor Capital Group, LP, the primary owner of Ocean Casino Resort, announced today that it is pursuing a partnership with the Ilitch organization. Subject to regulatory approvals and final closing conditions, the Ilitch organization would own, through an affiliate, up to 50% of Ocean, with Luxor owning the rest.

This joint endeavor will bring to Atlantic City the extensive experience that the Ilitch organization has in the gaming industry through MotorCity Casino Hotel, Detroit's only locally owned and operated casino. MotorCity Casino Hotel offers luxury hotel accommodations and spa facilities, fine and casual dining, live entertainment, and world-class gaming. Additionally, the Ilitch companies represent leading brands in the food, sports and entertainment and real estate development industries and employ tens of thousands of people worldwide.

Luxor Capital commented, "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. We look forward to continuing to grow Ocean in partnership with the Ilitch organization for years to come."

The Ilitch organization recognizes the success that the team at Ocean has achieved over the past two years and looks forward to working with the Ocean team and building on their accomplishments through continued investment in both the property and the customer experience.

More details will be shared once all regulatory processes are complete.

ABOUT OCEAN CASINO RESORT
Spanning over 20 beachfront acres on the world-famous Atlantic City Boardwalk, Ocean Casino Resort features 1,399 guest rooms and suites; 138,000 square feet of gaming entertainment; 1,937 slot machines; 125 gaming tables; 160,000 square feet of meeting and convention space; 90,000 square feet of unique outdoor space; 4 upscale dining restaurants; 11 casual dining options; a 40,000 square foot spa; 6 signature day and nightlife experiences; and a 5,000-seat concert venue. Ocean is home to the world's largest Topgolf Swing Suite and America's #1 Sports Book operator, William Hill, offering both land-based sports wagering and online gaming within the state of New Jersey through its real-money gaming sites. Ocean Casino Resort is owned and operated by AC Ocean Walk, L.L.C. For more information about Ocean, please visit theoceanac.com or follow Ocean on Facebook, Twitter and Instagram.

SOURCE Ocean Resort Casino

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