Since that time, Ocean has strengthened its position in the market and continues to gain market share. Over the last year, Ocean’s team has progressed under new leadership that features top executives in the gaming and hospitality industries. Their investment gives Ocean access to growth capital and provides a strategic partner to Luxor. Luxor Capital commented: “We are excited to welcome the Ilitch organization to Atlantic City. Ilitch’s investment will allow the resort to build on its success by investing more in the property and providing better experiences for customers and team members. The joint venture, which was first announced earlier this year, is a significant step forward for Ocean as it continues to establish itself as the premier Atlantic City destination. Luxor will own the remaining 50% and will collaborate equally with the Illitch organization on major Ocean decisions. The primary owner of Ocean Casino Resort, Luxor Capital Group, announced today that the Ilitch organization has received regulatory approval and will acquire 50% of Ocean through an affiliate.
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