Luxor Capital to own Atlantic City's Ocean Resort Casino [View all]
ATLANTIC CITY, N.J. (AP) — A New York hedge fund that lent money to Atlantic City's Ocean Resort Casino is assuming ownership of it.
Luxor Capital Group was identified as the new owner in a press release Monday from the casino. The company, which is not related to the Luxor casino in Las Vegas, will take over the ownership interest of Bruce Deifik (DIE'-fick) and his family.
Luxor Capitol will assume control once it receives interim authority to own a casino. Until it gets that approval, which could come within three to four months, a trust will be created for the casino's temporary ownership.
Once Luxor Capital completes a promised $70 million investment into the property, a trustee will be appointed to oversee the trust until the company is deemed suitable to hold a casino license in New Jersey.
Read more: https://www.valleymorningstar.com/entertainment/luxor-capital-to-own-atlantic-city-s-ocean-resort-casino/article_84582ada-2f28-54ef-b339-f75713d45029.html
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