Great news, New Jersey. The state gaming regulators recently approved Ocean Casino Resort’s new owners. Indeed, Luxor Capital Group got a temporary license. And this news surfaced after a public hearing with the Casino Control Commission (CCC).
As we understand, the hearing took place earlier this month. The meeting between the Group and the CCC was to make sure the new owners are stable. But it also allowed the CCC to review previous set financial conditions.
Choppy sea for Ocean Casino Resort
As you know, Ocean Casino Resort opened at the same time as Hard Rock Casino on June 27, 2018. But it had a much harder time to get a foothold in the market. According to the figures, the casino lost close to $23 Million in 7 months. Plus, it also failed to meet investors financial conditions.
So, Ocean Casino Resort had a rough start to say the lease. And for a while, some even feared that it would close. Especially after one of the owners died in a terrible car accident.
But then Luxor Group came to the rescue. In fact, the Group assumed control of the casino in February through a trust agreement. The hedge fund invested close to $70 Million, of which $50 Million was to pay debts. But, this marked a turning point for the casino.
Accessibility, a winning strategy?
In the first 6 months of this year, Ocean Casino Resort made $102 million in total gaming revenue and $21.49 million in June. In fact, June saw the highest numbers in gaming revenue. But when the temporary license was granted, James Plousis, chairman of the CCC, added that even if the casino finances have improved. It’s still essential to continue monitoring it.
So all eyes are on Ocean Casino Resort and its new owners. Hopefully, the revised strategy means that the casino will thrive. After all, making an establishment accessible to all, instead of just high rollers, may prove victorious.