Luxor Capital Group New Owners of the Ocean Resort Casino

handing over keys

Even though the Ocean Resort Casino has only been in business, as its current reincarnation for a short period of time, it certainly does have something of an interesting history. Having started life as the Revel Casino it was purchased by Bruce Deifik.

Having opened in a blaze of glory only recently, there had been rumours that the casino was about to be taken over by someone else, and nobody seemed to know who it was.

However, all has now been revealed, it is in fact the Luxor Capital Group that has now taken over the casino. They are a hedge fund based in New York who had already lent money to Bruce Deifik.

There are always going to be risks buying out any land based casino, for the operating company in most cases will only want to sell it if it isn’t making money, and it does appear that the Ocean Resort Casino had been struggling financially.

As the takeover procedure can take several months to pass gaming control regulations, in the short term a trust will be set up to operate the casino.

No major changes to the way the casino is operated are planned over the short term, but it will be very interesting to see just what innovations the new owners do put into place, as something does need to happen to the property to make it financially viable over the long term.

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