'We look forward to continuing to grow Ocean in partnership with the Ilitch organization for years to come. '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,' the hedge fund said in a statement. d/b/a Ocean Casino Resort (AC Ocean Walk) was a New Jersey limited liability company, doing business in the State of New Jersey, with its primary offices located at 500 Boardwalk, in the City of Atlantic City, County of Atlantic, State of New Jersey. The amount of the Ilitch family's investment was not disclosed.
The deal would close after all regulatory approvals have been obtained. Ilitch, which owns the Detroit Tigers baseball and Red Wings hockey teams, the Little Caesars pizza chain, and Detroit's MotorCity Casino Hotel, has already applied to New Jersey regulators for interim approval to own part of the casino.
Officials of Luxor Capital Group LP told The Associated Press they have reached a deal with the Ilitch organization to acquire, through an affiliate, up to half the ownership of the casino. (AP) - A New York hedge fund said Tuesday it is selling as much as half its ownership of Atlantic City's Ocean Casino to the Ilitch family, which owns professional sports teams, a nationwide pizza chain and a casino in Detroit.
