The Ilitch family is expanding its presence in the gaming industry. To support that growth, the family has launched a new division called Ilitch Gaming.
The new company will oversee existing casino assets and future acquisitions. Additionally, it will manage the family’s growing hospitality portfolio.
As part of the expansion, Ilitch Gaming plans to acquire the remaining 50% ownership interest in Ocean Casino Resort. The stake is currently held by Luxor Capital.
If approved, the transaction will give the family full ownership of Atlantic City’s Ocean Casino Resort. Furthermore, the company has agreed to acquire Scarlet Pearl Casino Resort in Mississippi.
The family’s Detroit-based MotorCity Casino Hotel will also become part of the new gaming platform. Consequently, the company will operate casino properties across multiple markets.
Chris Ilitch will serve as chairman of Ilitch Gaming. He is the son of Little Caesars founders Marian Ilitch and the late Mike Ilitch.
The acquisitions remain subject to regulatory approvals. Meanwhile, financial terms of the transactions have not been disclosed.
The Ilitch family first entered the Atlantic City market in 2021. At that time, the family invested $175 million to acquire a 50% interest in Ocean Casino Resort.
Since then, Ocean Casino Resort has strengthened its position within Atlantic City’s gaming market. In recent years, the property has emerged as one of the city’s top-performing casino destinations.
Originally developed as Revel, the resort opened with a construction cost of approximately $2.4 billion. However, the property experienced several financial restructurings before returning to sustained growth.
With full ownership now within reach, the Ilitch family is positioning itself for continued expansion in the gaming and hospitality sectors.
For more information about Atlantic City properties for sale or lease, please contact WCRE at 215-799-6900.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage, advisory, and property management firm, is a premier Atlantic City commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors, and sellers.
Please visit our website, www.wolfcre.com, for a full listing of commercial properties for lease or sale through our commercial real estate brokerage firm.
