Posts Categorized: Atlantic City Market

Detroit biz approved to buy half of Ocean Casino for $175M

Ocean Casino, Atlantic City, NJ

New Jersey gaming regulators approved the bid for a Detroit-based hedge fund to acquire half ownership of Ocean Casino Resort for $175 million. Holding company Ilitch organization will own 50% while Ocean’s current owners, New York hedge fund Luxury Capital Group, will retain the remaining half. The plans were approved following two days of meetings… Read more »

Standard Communities Makes Second Affordable Housing Buy in Atlantic City

Los Angeles-based Standard Communities is expanding its footprint in New Jersey with its acquisition of a second affordable housing complex in Atlantic City. Standard, making its second purchase in the gambling mecca since April, has bought New York Avenue Apartments, a 151-unit affordable senior housing property at 233 N New York Ave., as part of a public-private… Read more »

Atlantic City Strives for Comeback Centered on Water Park, Grocery Store

Atlantic City expects to celebrate the start of construction for two nongambling projects later this year, a $100 million indoor water park and a grocery store, while the state of New Jersey just named a special adviser to shepherd the diversification of the struggling seaside town’s economy. Expanding Atlantic City’s economy, attracting new kinds of… Read more »

New Jersey towns taking stand as legalized marijuana deadline nears

Now that New Jersey has legalized marijuana use and possession for adults 21 years and older, South Jersey municipalities have begun adopting their own rules to address use and sale. And while, many towns are opting to ban it, some are now opening the door to the industry based on the promise of job creation… Read more »

New Jersey closer to Extending Atlantic City Takeover

ATLANTIC CITY, N.J. (AP) — New Jersey lawmakers passed a bill Monday that would extend the state takeover of most of Atlantic City’s major decision-making powers for another four years. If the bill is signed into law by Democratic Gov. Phil Murphy, the state will have been in charge of the seaside gambling resort’s major… Read more »

Caesars Entertainment to Invest $400M into its Atlantic City Resorts by 2023

Caesars Entertainment Inc. on April 20 released details about its $400 million master plan investment in Atlantic City, where it owns and operates three of the region’s casino destinations–Caesars, Harrah’s Resort and Tropicana Atlantic City. The plans include remodeled room towers, freshly appointed interior design elements; enhancements to the casinos’ gaming floors, new dining concepts… Read more »

Ocean Casino Resort Announces $15M Reinvestment

Ocean Casino Atlantic City NJ

Ocean Casino Resort doubles down on recent success with a reinvestment of $15 million into the resort, team members, and surrounding North Beach community. “Ocean’s interest in our people, product, and community is a testament to the progressive direction our property is moving toward as we enter into the summer months,” said Terry Glebocki, Chief Executive Officer for Ocean Casino Resort. “As… Read more »