The regulating entity has greenlit the acquisition of 50% of the casino for $175 million by Ilitch, and share equally in major decisions concerning its operation with the current owners, Luxor Capital Group LP. The sale is expected to close within 30 days. The New Jersey Casino Control Commission approved on Thursday the sale of half of Atlantic City’s Ocean Casino Resort to the Ilitch organization, owner of professional sports teams and a casino in Detroit. Both Luxor Capital Group and Ilitch will share equally in major decisions concerning the property's operation. Of that investment, $70 million will be destined to finishing 464 rooms and 100 suites that have been under construction since 2012. The New Jersey Casino Control Commission has approved the acquisition by Ilitch, which owns Detroit's MotorCity Casino, of 50% of Ocean Casino Resort for $175 million.
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