Ilitch Gaming has completed its purchase of the remaining 50 percent stake in Ocean Casino Resort, securing full ownership of the Atlantic City property. The transaction, first announced in June, concluded this month.
Corporate Structure and Deal Terms
The newly established gaming entity executed the acquisition through a corporate affiliate. Financial terms of the agreement were not disclosed. Ilitch Gaming was originally incorporated in June to oversee the family’s expanding casino holdings.
The resort previously operated under a divided ownership model before the Ilitch family initiated the consolidation process earlier this year.