The Ilitch family, best known for founding the Little Caesars pizza chain and owning several major Detroit sports franchises, is moving to acquire full ownership of Ocean Casino Resort in Atlantic City.
The transaction will give the family control of the remaining 50% stake in the casino currently owned by Luxor Capital, a New York-based investment firm. Financial terms of the deal were not disclosed.
The acquisition was announced June 18 alongside the launch of Ilitch Gaming, a newly formed company that will oversee the family’s gaming and hospitality interests. In addition to Ocean Casino Resort, the portfolio includes MotorCity Casino Hotel in Detroit and, pending approvals, Scarlet Pearl Casino Resort in D’Iberville, Mississippi.
Ocean Casino Resort General Manager Bill Callahan said the ownership change represents a continuation of the property’s recent trajectory.
“Ocean Casino Resort is thrilled to become a member of Ilitch Gaming’s portfolio. As Ocean’s managing partner for the past three years, this transaction by Ilitch represents a natural next step in Ocean’s journey and a continuation of the strategy and vision that have fueled our success,” Callahan said in a statement to Shore Local. “Guests can continue to expect the exceptional experiences, dedicated team members, and ongoing investments that have established Ocean as one of Atlantic City’s premier resort destinations.”
Chris Ilitch, CEO of Ilitch Companies and chairman of the newly formed Ilitch Gaming, said the new venture builds on the gaming legacy established by his mother, who played a significant role in developing Detroit’s commercial casino industry through MotorCity Casino Hotel.
“My mother Marian Ilitch’s vision for MotorCity Casino Hotel and our success in Detroit over nearly three decades is the inspiration for what comes next,” Ilitch said in a company announcement. “The formation of Ilitch Gaming marks a defining new chapter in the evolution of our gaming and hospitality business. We remain committed to creating memorable experiences for guests, supporting responsible gaming, and serving as a positive economic force in the communities where we operate.”
According to reporting by The Associated Press, the Ilitch family first purchased a 50% interest in Ocean Casino Resort from Luxor Capital in 2021. Luxor had assumed control of the property after the 2019 death of former owner Bruce Deifik, who had purchased the casino after its earlier life as Revel.
Originally opened as Revel in 2012, the property closed two years later after struggling financially. Luxor subsequently invested millions of dollars into renovations, debt reduction and operational improvements while assembling a management team with extensive Atlantic City experience.
In recent years, Ocean has emerged as one of Atlantic City’s strongest-performing casino properties. The Associated Press reported that the resort regularly ranks among the city’s top three casinos for gambling revenue, following Borgata Hotel Casino & Spa and Hard Rock Hotel & Casino Atlantic City.
In 2024, Ocean generated approximately $468 million in revenue from in-person gambling, representing the largest year-over-year increase among Atlantic City’s nine casinos.
Ilitch Companies said it has worked closely with Ocean’s leadership team since becoming a part-owner of the property, supporting capital improvements and operational growth initiatives.
The newly announced Ilitch Gaming platform will be led by CEO and Chief Development Officer John Policicchio, with Bruce Dall serving as vice chairman. Policicchio said the company intends to focus on supporting employees, enhancing guest experiences and investing in the communities where its properties operate.
“Our focus is straightforward: support great teams, deliver exceptional guest experiences, invest in the communities we serve, and responsibly grow the business over time,” Policicchio said in the company’s announcement.
The Ocean Casino acquisition, the Scarlet Pearl purchase and the formation of Ilitch Gaming all remain subject to regulatory approval and customary closing conditions. Until those approvals are secured, the properties will continue operating under their current structures, according to the company.
Julia graduated from Rider University in 2024 with a BA in multiplatform journalism and minor in social media strategies. In addition to reporting on local news for Shore Local, she is a social media strategist for small businesses. Connect with her: shorelocaljulia@gmail.com or @juliatrain on Instagram.
