Luxor Capital acquires Ocean Resort Casino
A New York City-based hedge fund named Luxor Capital Group has recently acquired the Ocean Resort Casino in Atlantic City. This tall building, standing at 220 meters high, is well-known as the tallest building in Atlantic City. Luxor Capital Group had already provided financial assistance to the former Revel Casino for renovations. The recent transition of ownership took place less than seven months since the property was reopened as the Ocean Resort Casino.
However, Luxor Capital Group can only claim full ownership of the casino once they receive a gambling license from the New Jersey Casino Control Commission (NJCCC). The company is optimistic and expects to receive the approval within the next three to four months. A trust has been set up to oversee the casino's temporary ownership. After the company fulfills a promised $70 million investment, a trustee will take charge of overseeing the entity until Luxor Capital Group is given a New Jersey casino license. Ocean Resort Casino plans to keep running as usual during this transitional period.
This Atlantic City entertainment complex, situated on the boardwalk, boasts a 1,399-room hotel, six swimming pools, an ocean-view sundeck, and five restaurants. It also features a theater with a seating capacity of 5,500 seats and 70,000 square meters of retail space. In addition, it has a Royal Jelly Burlesque Club and various other amenities.
The expansive casino offers 99 gaming tables, eight poker tables, 1,945 slot machines, and a sea-view Ocean Premier gaming lounge. Additionally, there is a 7,500 square meter sports betting area. The casino's parking lot provides ample space for about 7,000 vehicles.
The history of the Ocean Resort Casino is complicated: it previously operated as the Revel from 2012 to 2014 but shut down due to an oversaturated market. With the addition of two more luxury casinos, Atlantic City saw an increase of 28% in market supply. Subsequently, both the Trump Taj Mahal and the Revel Casino closed, only to reopen in June 2018 as the Hard Rock Casino Resort and the remodeled Ocean Resort Casino, respectively. Despite the grand opening celebration with over 1 million visitors, celebrities, live music, and fireworks, the city of Atlantic City acknowledged that mere hype won't be enough to break through the competition. Ocean Resort Casino's CEO, Frank Leone, is positive about these recent events in the press portal iGamingBusiness:
"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. We are grateful for the support we have received from Luxor and our community, as well as Atlantic City and New Jersey, and look forward to an exciting 2019."
As a result of Luxor acquiring Ocean Resort, Luxor now owns all remaining shares of Integrated Properties founder and high-profile businessman Bruce Deifik. Deifik managed to purchase the Ocean Resort, formerly called Revel, for a mere $200 million in 2018 - a drastic drop from its initial construction price of $2.4 billion. Previously, Glenn Straub owned the property. Deifik made notable adjustments to the resort, including the installation of an indoor golf venue, a comprehensive sports betting offering following the repeal of PASPA in May 2018, and the reconfiguration of its casino floor. He also reversed the policy against smoking indoors, opened the establishment to all income levels, and introduced customer service benefits.
The targeted revenue projections have still not been achieved, leading to Deifik's decision to permanently sell off the resort. The future improvements to the casino hotel remain a mystery for now.
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Source: www.onlinecasinosdeutschland.com
