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The Ilitch family, owners of Little Caesars Pizza, the Detroit Tigers and the Detroit Red Wings, is moving to acquire full ownership of Ocean Casino Resort in Atlantic City and Scarlet Pearl Casino Resort in Mississippi. The deal, announced June 18, gives the family the remaining 50% stake it didn’t already own in Ocean Casino.
Ilitch Gaming launches to build a multistate casino portfolio
The acquisition comes alongside the launch of Ilitch Gaming, a new entity created to oversee the family’s gaming, hospitality and entertainment holdings. The division will be chaired by Chris Ilitch, son of Little Caesars founders Marian Ilitch and the late Mike Ilitch, while John Policicchio will serve as Ilitch Gaming’s chief executive officer and chief development officer.
Ilitch first bought into Ocean Casino in 2021, paying $175 million for a 50% stake purchased from New York-based Luxor Capital Group. Luxor had taken control of the property after the 2019 death of former owner Bruce Deifik, who had purchased the casino after its earlier run as Revel. Financial terms of the new buyout have not been disclosed, and the deal still requires regulatory approval and customary closing conditions before it can close.
Beyond Ocean, Ilitch Gaming will also include the family’s longtime MotorCity Casino Hotel in Detroit, along with a pending purchase of Scarlet Pearl Casino Resort in D’Iberville, Mississippi, according to Hotel Online, rounding out a three-state portfolio.
“My mother Marian Ilitch’s vision for MotorCity Casino Hotel and our success in Detroit over nearly three decades is the inspiration for what comes next,” Chris Ilitch said in a statement. “The formation of Ilitch Gaming marks a defining new chapter in the evolution of our gaming and hospitality business.”
How Ocean Casino became Atlantic City’s boardwalk success
Ocean Casino’s rise has been one of Atlantic City’s notable comeback stories. The property originally opened as Revel in 2012 and closed two years later after financial struggles, before reopening under new ownership in 2016, Shore Local reported. Ocean Casino General Manager Bill Callahan called the deal a natural next step, saying guests can expect the same level of service and continued investment under the new ownership structure.
Casino empire pending regulatory approval
Until regulators sign off, Ocean Casino and Scarlet Pearl will continue operating under their current structures. No timeline for regulatory approval has been announced. Once finalized, Ilitch Gaming will operate three casinos spanning Michigan, New Jersey and Mississippi — giving the Detroit family a true multistate gaming footprint built on top of its pizza, sports and entertainment empire.
