by Julie Ritzer Ross | February 08, 2019
Luxor Capital Group, a New York City-based hedge fund, has been identified as the new owner of Atlantic City's Ocean Resort Casino. The reveal follows several weeks of speculation that began in early January, when then-owner Bruce Deifik announced that the reincarnation of the ill-fated Revel, which made its debut in 2018, would be sold to an unnamed outside company.
Part of the Unbound Collection by Hyatt portfolio, the property will be enhanced to the tune of $70 million. In addition to the construction of a "long-awaited buffet," improvements will involve wrapping up incomplete work that had been underway on 12 floors in the middle of the hotel tower. This portion of the project will add another 500 guest rooms to the existing 1,399 rooms. Casino enhancements and other improvements also are on the drawing board.

Deifik had originally intended to maintain a small, noncontrolling ownership in the Ocean Resort Casino following the sale. However, he has since abandoned these plans and instead is handing over the property to the hedge fund, which provided significant funding for its purchase in January 2018.
 
In early February, state regulators approved a divestiture trust agreement between Deifik and Luxor Capital Group that allows the Ocean Resort Casino to remain open and operational during the transition of ownership. Luxor Capital Group is not related to Las Vegas' Luxor Hotel & Casino.