ATLANTIC CITY, NJ – January 28, 2019 – Ocean Resort Casino, Atlantic City’s iconic beachfront destination, today provided an overview of the development of the property and casino in 2018, and introduced its plans for 2019, including recently securing a commitment of strategic capital.
Over the past year, Ocean Resort Casino, which was acquired by AC Ocean Walk, LLC in January 2018 and formally reopened in June 2018, has undergone a major renovation that has positioned it as one of the premier gaming and leisure venues in the United States. Specific achievements have included taking full advantage of the property’s 6.4 million total square feet with 138,000 square feet of gaming space featuring over 100 table games and 1,945 slot machines, a “best in market” sports book and enhancing the 165,000 square feet in meeting and convention space, and 5,000-seat concert hall.
In 2019, Ocean Resort Casino’s strategic plan anticipates continued investments to further enhance the exceptional guest and player experience. Specifically, the 2019 budget includes capital investment in a world-class buffet, additional suite and room product, incremental investments on the casino floor and other exciting projects. In addition, Ocean Resort Casino plans for a substantial increase in its entertainment programming and player events throughout the year.
“We are incredibly proud of the progress our team members have made in establishing Ocean Resort Casino as one of the premier gaming and leisure destinations in the United States,” said Frank Leone, Chief Executive Officer of Ocean Resort Casino. “We opened up the property even more effectively to the Boardwalk, and activated retail spaces and food and beverage options that have been extremely well-received by our guests. We are thankful for the support we have received from the broader Atlantic City and New Jersey community and look forward to an exciting 2019.”
Ocean Resort Casino and AC Ocean Walk recently received a commitment of $70 million in new strategic capital. The strategic investment is expected to close in early February, pending the receipt of the appropriate regulatory approvals and final documentation. The proposed investment will help fund the 2019 projects and provide Ocean Resort Casino with the financial flexibility to pursue even greater investment in its guest experience going forward.
Once approved, the substantial investment – the majority of which is being funded by one of AC Ocean Walk’s existing stakeholders, New York-based private investment firm Luxor Capital Group (which has no current or past affiliation with the similarly-named Las Vegas property) – is expected to result in Luxor increasing its ownership to a controlling level, requiring Luxor to complete a licensing process. Until Luxor receives interim licensing approvals, anticipated to be within approximately 90-120 days, a trust will be created for the purpose of holding the shares of the parent entity to AC Ocean Walk. A trustee, who will be appointed upon closing of the $70 million investment, will oversee this trust until Luxor receives its interim authorization, at which point the trustee will be removed. Ocean Resort Casino expects no operational effects from the temporary existence of the trust.
About Ocean Resort Casino
Ocean Resort Casino sits on the New Jersey Boardwalk and is the tallest building in Atlantic City, offering unparalleled ocean views from each of its 1,399 guest rooms and suites. Situated on 20 acres, Ocean Resort Casino is part of The Unbound Collection by Hyatt Portfolio and features a 40,000 square foot on-site Exhale spa, a 138,000 square foot gaming floor, a state-of-the-art sports book in partnership with William Hill, six swimming pools, expansive meeting and convention space, and distinctive dining and entertainment options. Additionally, Ocean Resort Casino offers an industry-leading loyalty program, Ocean Premier, that provides guests at all tiers with valuable incentives and benefits. Additional information on Ocean Resort Casino can be found at www.theoceanac.com.
Contact: Ashley Polo, Ocean Resort Casino, (609) 783-8339