Ilitch Completes Acquisition of Remaining Ocean Casino Resort Interest

ATLANTIC CITY, N.J.: Ilitch Gaming has completed its acquisition of the remaining 50% interest in Ocean Casino Resort. The deal gives Ilitch full ownership of the 1,860-room Boardwalk property and expands its U.S. casino portfolio.

The transaction was first announced in June and follows the company’s acquisition of an initial 50% interest in 2021. An Ilitch affiliate completed the purchase, although the company did not disclose the financial terms.

Ilitch Moves From Partner to Full Owner

Ilitch has worked with Ocean’s leadership since acquiring its first stake five years ago. The company said that period included investments in the resort, improvements to its operating performance and work intended to strengthen the property’s position in Atlantic City.

“Atlantic City remains one of the country’s most important gaming and hospitality markets,” Ilitch Gaming CEO and Chief Development Officer John Policicchio said. He described full ownership of Ocean as an important milestone for the company.

Ocean occupies more than 20 beachfront acres and has a 135,000-square-foot casino floor. The property also includes 1,860 renovated rooms and suites, a 4,500-seat entertainment venue and more than 160,000 square feet of meeting and convention space.

The acquisition gives Ilitch control of one of Atlantic City’s nine operating casino hotels. The company did not announce changes to Ocean’s name, management team, workforce or current gaming operations as part of the closing.

Ocean Has Received Major Property Investment

Ocean has undergone extensive upgrades. The resort announced a $50 million renovation program in 2025 as part of a broader seven-year investment plan valued at up to $270 million.

That phase included completing renovations across the hotel’s 1,860 rooms and suites, introducing new dining options and expanding the Asian gaming area. The casino expansion increased that section from approximately 4,000 to 8,000 square feet and added more table games.

Ilitch credited Ocean’s employees and leadership with building momentum at the property since 2021. The company said it intends to continue working with the existing team, but it did not announce a new capital spending plan following the ownership transfer.

Ilitch Builds a Multistate Casino Platform

The closing follows the formation of Ilitch Gaming in June as a dedicated platform for the group’s casino, hospitality and entertainment interests. Its portfolio covers MotorCity Casino Hotel in Detroit, while Ocean will also come under its oversight, subject to the remaining regulatory approvals identified by the company.

Ilitch Gaming is led by Chairperson Chris Ilitch, Vice Chairperson Bruce Dall and Policicchio. The platform was established to coordinate the organization’s existing gaming assets and support potential expansion into additional U.S. markets.

An Ilitch affiliate also agreed in June to acquire Scarlet Pearl Casino Resort in D’Iberville, Mississippi. That transaction has not closed and remains subject to regulatory approvals and customary closing conditions.

Ilitch has not disclosed when the Scarlet Pearl transaction could be completed or whether it plans further acquisitions. At Ocean, the next development will be whether full ownership leads to additional investment, operational changes or expansion beyond the improvements already completed.

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