It closed doors in 2014 after just two years of operation.įlorida businessman Glenn Straub bought the shuttered resort out of bankruptcy in the summer of 2015 and promised to reopen it and make it a profitable property. The property’s original owners had invested $2.4 billion into building it, but it fell into financial trouble right from the offset and never turned a profit. Ocean opened doors in 2012 as Revel Casino Hotel. The deal is set to close after all necessary regulatory approvals have been cleared. It is understood that Ilitch has submitted an application with New Jersey gambling regulators for interim approval to own part of the casino complex. Under its deal with Luxor, the affluent family, through an affiliate, has agreed to purchase up to a half of the fund’s ownership in Ocean. The amount of the Ilitch organization’s investment into the Boardwalk hotel and casino resort was not disclosed. New York hedge fund Luxor Capital Group LP has reached a deal to sell as much as half of its ownership of Atlantic City’s Ocean Casino Resort to the Ilitch family, whose matriarch, Marian Ilitch, owns one of Detroit’s three commercial casinos.
