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Ilitch Gaming has completed its acquisition of the remaining 50% interest in Ocean Casino Resort, giving the Detroit-based company full ownership of the Atlantic City property.
Ilitch Companies announced the deal in June, but it remained subject to regulatory approval. The New Jersey Casino Control Commission said Monday that the Division of Gaming Enforcement approved the final transaction. Financial terms were not disclosed.
The closing ends Ocean’s split ownership and makes it a central part of Ilitch Gaming, the national casino and hospitality division formed less than two months ago.
Full ownership follows years of investment
Ilitch first acquired a 50% ownership interest in Ocean in 2021 through a $175 million investment. Luxor Capital Group and other investors controlled the remaining interest.
Since then, Ilitch has worked alongside Ocean’s management on property investments and operational improvements. Full ownership now places decisions over the Atlantic City casino’s strategy, spending and future development under one ownership group.
“We look forward to working with our Ocean colleagues to build on the momentum they have created,” Ilitch Gaming CEO John Policicchio said.
The acquisition announcement did not include any new construction plans or immediate changes for customers or employees.
In 2025, the resort announced more than $50 million in capital investments, including the renovation of its remaining 559 hotel rooms and suites, a casino expansion and five new dining concepts. Those projects formed part of a seven-year, $270 million investment program dating back to Ocean’s 2018 opening.
The venue followed that this year with an anticipated $20 million in enhancements focused on restaurants, entertainment, wellness and other guest experiences.
Ocean joins Ilitch Gaming’s growing portfolio
Ilitch Companies formed Ilitch Gaming in June to bring its gaming, hotel and entertainment assets under one platform and pursue additional growth.
The division oversees MotorCity Casino Hotel in Detroit and will now include Ocean as a wholly owned property. Ilitch also has an agreement to acquire Scarlet Pearl Casino Resort in Mississippi, although that transaction remains subject to approval.
By fully owning Ocean, Ilitch Gaming now controls one of Atlantic City’s three highest-earning properties. The property generated $43.5 million in land-based revenue in June, third among Atlantic City’s nine gaming venues. Through the first half of 2026, its $233.2 million in casino win was about 6.6% higher than during the same period last year.
The Boardwalk resort includes 1,860 renovated rooms and suites, a 135,000-square-foot casino floor, a 4,500-seat entertainment venue and a retail Fanatics Sportsbook NJ.
The property also has an online presence, operating betOcean for New Jersey online casino play.
What full ownership means for Ocean
For now, the ownership change does not bring a new name, loyalty program or announced overhaul of Ocean’s casino and online offerings. The immediate change is behind the scenes: Ilitch no longer shares control of the property.
That gives the company a clearer path to coordinate Ocean with its wider gaming portfolio and decide where to direct future investment. Ilitch has identified guest experiences, responsible gambling and long-term growth as priorities, but has not detailed the next phase of work at Ocean.
Casino Control Commission Chairman James Plousis said the deal reflects Ilitch’s continued focus on Atlantic City.
He added that the acquisition would help the city remain a tourism stronghold on the East Coast.
