You’ve seen the blue glass. It’s hard to miss. If you’re driving into Atlantic City, that massive shimmering fin of a building basically acts as a North Star for anyone looking for a cocktail and a slot machine. But the backstory of the Ocean Casino Resort by owner history is, honestly, a total mess of bankruptcies, eccentric billionaires, and a very quiet corporate takeover that saved the place from becoming a multi-billion dollar bird sanctuary.
Most people still call it Revel. They shouldn't. Revel was a disaster that burned through $2.4 billion before closing its doors in 2014, leaving a giant hole in the north end of the Boardwalk. It sat dark for years. It felt cursed. Then came the transition to Ocean, and the ownership shifted from colorful individual personalities to the kind of institutional power that actually knows how to keep the lights on.
The current state of Ocean Casino Resort by owner and leadership
Right now, the ownership situation is a 50/50 split. It’s a partnership between Ilitch-owned Detroit-based entities (specifically under the umbrella of Olympia Development) and Luxor Capital Group, a New York-based hedge fund. This wasn't always the case. For a long time, the property was the plaything of people who had more money than gambling experience.
Bruce Deifik was the man who originally bought the shuttered Revel for $200 million back in 2018. He’s the one who renamed it Ocean Resort Casino. He had big dreams. Huge ones. But his tenure was rocky, plagued by financial struggles and lawsuits. Deifik eventually lost control of the property to Luxor Capital Group in 2019 through a debt-for-equity swap. Sadly, Deifik passed away in a car accident shortly after the handoff, marking a tragic end to his chapter of the building's history.
Then things got interesting. In 2021, the Ilitch family—the same people who own the Detroit Tigers and Little Caesars Pizza—stepped in. They bought a 50% stake. They didn't just bring cash; they brought a "sports and entertainment" pedigree that Atlantic City desperately needed.
Why the Ilitch family matters
The Ilitch entry was a massive vote of confidence. When you look at the Ocean Casino Resort by owner records, seeing "Olympia Development" changes the vibe from "risky hedge fund project" to "long-term infrastructure play." They know how to run stadiums. They know how to move crowds.
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Since they took over half the pie, the resort has poured over $100 million into renovations. We aren't just talking about fresh paint. They finished over 400 hotel rooms that had been sitting as empty concrete shells since the building was first constructed. It’s wild to think that for nearly a decade, some of the best real estate in New Jersey was just... hollow.
The "Revel" ghost and the ownership curse
To understand why the current owners are winning, you have to remember why the previous ones failed. Revel was built to be "anti-Atlantic City." It didn't allow smoking. It didn't have a buffet. It didn't even have a front door on the Boardwalk. It was arrogant.
The current Ocean Casino Resort by owner strategy is the exact opposite. They fixed the flow. They embraced the gambling culture instead of acting like they were too cool for it. Luxor and Ilitch realized that the building itself—that $2-billion-plus glass tower—was a masterpiece, but the business model was broken.
- The Luxor Phase: They stabilized the debt. They realized that a hedge fund shouldn't necessarily be picking the carpet patterns, so they hired professional casino management.
- The Ilitch Phase: They added the "vibe." They focused on the sports book and high-end dining like The Pearl Lounge.
It’s a weird marriage. You have New York finance guys and Detroit sports moguls running a casino in New Jersey. But hey, it’s working. Ocean has consistently seen some of the highest gaming revenue growth in the city over the last three years.
The nitty-gritty of the 2021 deal
When the New Jersey Casino Control Commission (NJCCC) had to approve the Ilitch family’s 50% acquisition, they didn't just rubber-stamp it. They looked deep into the books. The commission is notoriously tough. If you have a single smudge on your record, you don't get a license in AC.
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The deal involved a complex web of LLCs. Specifically, it was OCV Ocean Acquisition LLC (Luxor) and Olympia Development. The state wanted to ensure that Luxor wasn't just looking to "pump and dump" the property. By bringing in a family-owned business like the Ilitches, the state got the stability it wanted.
Honestly, the property needed a "parent" figure. For years, it felt like an orphan. Now, it has two very rich, very different parents who seem to agree on one thing: don't let the building go dark again.
What about Glenn Straub?
People often get confused and think Glenn Straub still owns it. He doesn't. Straub was the eccentric Florida developer who bought Revel for pennies on the dollar ($82 million) during the bankruptcy. He was the one who famously fought with the city over utility bills and licensing. His era was defined by litigation and "maybe-tomorrow" promises. He eventually sold to Deifik, and while his name still pops up in Atlantic City lore, he has zero stake in the current Ocean Casino Resort by owner structure. He's out. Completely.
The physical transformation under new leadership
If you walk into Ocean today, you can see the "owner's touch." The new rooms on the top floors—the ones Luxor and Ilitch finally finished—are some of the most expensive suites in the city. They realized that the "luxury" angle wasn't the problem at Revel; the "execution" was.
They’ve also leaned heavily into the "Resort" part of the name. The pool scene here is arguably the best in AC. They didn't just build a place to gamble; they built a place to be seen. That’s a very "Detroit/New York" way of looking at a business. It’s about the brand as much as the blackjack.
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Actionable insights for your next visit
Knowing who owns the joint actually helps you navigate it better. Here is how you can use the current ownership's strategy to your advantage:
1. Watch the player rewards. Because Luxor and Ilitch are still fighting for market share against the big dogs like MGM (Borgata) and Caesars, their "Ocean Rewards" program is often more aggressive. They want to steal customers. If you have a high-tier card at another casino, Ocean will often "status match" you. Use that.
2. Visit the sports book. This is the Ilitch influence. They know sports fans. The Gallery Bar, Book & Games is a $25 million space that feels like a high-end lounge rather than a dark corner with a bunch of TVs. If you're there for a big game, this is the spot.
3. Check the "new" rooms. If you're booking, specifically ask if you're in the newly finished rooms on the higher floors. These were the ones completed under the 2021-2022 capital improvement plan. They have the newest tech and the best views of the Atlantic.
4. Don't look for the "Revel" entrance. The owners finally fixed the Boardwalk access. You can actually get into the building now without feeling like you're breaking into a fortress.
The story of the Ocean Casino Resort by owner is really a story of Atlantic City’s maturation. The city is moving away from the era of "one big personality" (think Trump or Wynn) and toward "corporate-backed stability." It might be less dramatic for the tabloids, but it’s much better for the people who actually want to go on vacation. The tower is finally full, the lights are on, and for the first time in its history, the building's bank account is as tall as its roofline.
To stay updated on the property's performance, you can monitor the monthly revenue reports released by the New Jersey Division of Gaming Enforcement. These documents show exactly how much the Luxor-Ilitch partnership is pulling in compared to the rest of the Boardwalk, providing a transparent look at whether their massive investment is continuing to pay off in the hyper-competitive AC market.