New Jersey State Gaming Regulators have approved the a New York based hedge fund’s controlling interest in the Atlantic City based Ocean Casino Resort, with the Luxor Capital Group being granted interim casino authorization last Wednesday.
The authorization was provided by the New Jersey Casino Control Commission. The decision was reached after a lengthy public hearing and does come attached with several financial restraints. These financial restraints have been put in place to ensure the casino resort’s financial stability.
The approval by the Casino Control Commission is the first stage into a review process into the ownership of the resort, prior to a full casino licence being granted.
Speaking about the decision made by the New Jersey Casino Control Commission, Mike Conboy from the Luxor Capital Group said: “We’re excited to be of a part of Atlantic City’s future and Ocean Casino Resort’s continued success.”
“We look forward to working with the employees and management team.”
While speaking on behalf of the New Jersey Casino Control Commission, Chairman James Plousis , stated: “The casino’s financial condition has indeed improved, it remains critical that the regulatory authorities continue to monitor its ongoing financial stability through the ICA process at a minimum.”
“We are all acutely aware of this property’s past struggles. In fact, there were real questions as to whether this asset would ever be operational again. Acknowledging that it was not its original intention, I am happy that Luxor has taken an ‘all-in’ approach to its investment. By all accounts, it appears that Ocean is competitive and positioned to generate positive cash flow.”
