Under its deal with Luxor, the affluent family, through an affiliate, has agreed to purchase up to a half of the fund’s ownership in Ocean.
The amount of the Ilitch organization’s investment into the Boardwalk hotel and casino resort was not disclosed. New York hedge fund Luxor Capital Group LP has reached a deal to sell as much as half of its ownership of Atlantic City’s Ocean Casino Resort to the Ilitch family, whose matriarch, Marian Ilitch, owns one of Detroit’s three commercial casinos.
