Ilitch Companies Launch Ilitch Gaming to Fully Own Ocean Casino Resort
The company will also own MotorCity Casino Hotel and Scarlet Pearl Casino Resort.
Key Takeaways:
- Ilitch Companies creates Ilitch Gaming to consolidate its casino holdings
- Full ownership of Ocean Casino Resort in Atlantic City is underway
- Strategy includes acquisitions of MotorCity Casino Hotel and Scarlet Pearl Casino Resort
Ilitch Companies has created Ilitch Gaming, a new umbrella for its casino and hospitality holdings, as it moves to take full control of Ocean Casino Resort in Atlantic City, per NJBIZ.
The Detroit-based company already held a 50% stake in the property through a 2021 partnership with Luxor Capital Group and now plans to buy out the remaining interest. This will be pending regulatory approval and closing conditions.
Terms were not disclosed.
Portfolio Reset
The platform will also cover MotorCity Casino Hotel in Detroit and a planned purchase of Scarlet Pearl Casino Resort in D’Iberville, Mississippi, giving Ilitch a broader multistate gaming footprint.
The restructuring formalized a casino business that began with MotorCity in 1999 and has gradually expanded through Ocean. Until approvals are completed, both Ocean and Scarlet Pearl will continue operating normally.
Growth Strategy
Chris Ilitch will chair the new platform, with Bruce Dall as vice chairperson and John Policicchio as CEO and chief development officer.
In a statement reported by NJBIZ, Ilitch said, “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.”
The company says the reorganization is intended to align operations, support future expansion and strengthen its position in gaming and hospitality.
New Jersey recently re-opened the conversation around licensing casinos outside Atlantic City.
