New Jersey

TexasTowelie

(116,768 posts) Tue Jan 29, 2019, 05:58 AM Jan 2019

Luxor Capital to own Atlantic City's Ocean Resort Casino

ATLANTIC CITY, N.J. (AP) — A New York hedge fund that lent money to Atlantic City's Ocean Resort Casino is assuming ownership of it.

Luxor Capital Group was identified as the new owner in a press release Monday from the casino. The company, which is not related to the Luxor casino in Las Vegas, will take over the ownership interest of Bruce Deifik (DIE'-fick) and his family.

Luxor Capitol will assume control once it receives interim authority to own a casino. Until it gets that approval, which could come within three to four months, a trust will be created for the casino's temporary ownership.

Once Luxor Capital completes a promised $70 million investment into the property, a trustee will be appointed to oversee the trust until the company is deemed suitable to hold a casino license in New Jersey.

Read more: https://www.valleymorningstar.com/entertainment/luxor-capital-to-own-atlantic-city-s-ocean-resort-casino/article_84582ada-2f28-54ef-b339-f75713d45029.html

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Luxor Capital to own Atlantic City's Ocean Resort Casino (Original Post) TexasTowelie Jan 2019 OP

That casino is already in the shitter. 3Hotdogs Jan 2019 #1

3Hotdogs

(13,394 posts)

1. That casino is already in the shitter.

Reply to TexasTowelie (Original post)

Tue Jan 29, 2019, 07:42 AM

Jan 2019

It's location is farthest from the highways. Parking is not free. Two other casinos have free parking. Its at the end of the boardwalk. Unlike other casinos, it has little foot traffic on the boardwalk.
The place never seems crowded, unlike most of the other casinos.

I give it two years and its closed again.

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