“We are thankful for the support we have received from the broader Atlantic City and New Jersey community and look forward to an exciting 2019. “We are incredibly proud of the progress our team members have made in establishing Ocean Resort Casino as one of the premier gaming and leisure destinations in the United States,” said Frank Leone, the casino’s CEO. Once the company completes the US$70 million investment into the property, a trustee will be appointed to oversee the trust until it is suitable to hold the licence in the state. Until that happens, which could take as much as four months, a trust will be created for its temporary ownership.

The New York group is set to assume control of the facility once it gains interim authority to own a casino from the local regulator. The hedge fund, which had lent money to the casino, will take over ownership interest of Bruce Deifik. US.- Luxor Capital Group has announced in a press release on Monday that it is now the new owner of Atlantic City’s Ocean Resort Casino. The casino has also reduced the amount of outstanding bills owed to it from $22 million to less than $5 million.The New York group has identified as the new owner of the Atlantic City facility. That is “the hardest combination to achieve in business,” said Terry Glebocki, Ocean’s CEO.įor the period July 2019 through February 2020 compared with the same period a year earlier, Ocean increased its slot revenue by $41.1 million, up 54% table games revenue increased $6.4 million, up 17% non-gambling revenue increased by $14.6 million, up 19%, and expenses declined by $5.6 million, down 3%.

In a presentation to the commission, the casino said it increased revenue while decreasing expenses. Long-term, the trajectory is still as positive as it was in February, when it was incredibly positive.” We can debate what will happen when the city opens up. “Our budget for 2020 showed the company covering its expenses and generating free cash flow beyond that. “Before the coronavirus, Ocean was self-sufficient,” he said. Michael Conboy, a partner in the publicity-averse hedge fund, told regulators the company plans to own and operate the casino for at least the next 25 years. ATLANTIC CITY, N.J., Ap/PRNewswire/ - Luxor Capital Group, LP, the primary owner of Ocean Casino Resort, announced today that it is pursuing a partnership with the Ilitch.

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