{"id":4597,"date":"2019-05-06T08:16:40","date_gmt":"2019-05-06T08:16:40","guid":{"rendered":"https:\/\/www.casinosrealmoney.com\/news\/?p=4597"},"modified":"2019-05-06T08:16:40","modified_gmt":"2019-05-06T08:16:40","slug":"atlantic-citys-ocean-casino-resorts-starts-scoring-profit","status":"publish","type":"post","link":"https:\/\/www.casinosrealmoney.com\/news\/atlantic-citys-ocean-casino-resorts-starts-scoring-profit\/","title":{"rendered":"Atlantic City&#8217;s Ocean Casino Resorts Starts Scoring Profit"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>After months of losses following its opening in June 2018, Ocean Casino Resorts which until a few weeks ago was known as Ocean Resort Casino will finally report a profit. This will not only <a href=\"https:\/\/www.660citynews.com\/2019\/05\/05\/atlantic-citys-ocean-casino-is-finally-making-money\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"chart the way forward (opens in a new tab)\">chart the way forward<\/a> for the gambling and entertainment facility under its new ownership but also represents a positive outlook for the city&#8217;s gaming industry. As it stands, the property is in the process of being handed over to Luxor Capital Group, a New York hedge fund that has promised to invest as much money as they can to ensure that the property stays afloat.<\/p>\n\n\n\n<p>Luxor Capital Group has already <a href=\"https:\/\/www.bizjournals.com\/philadelphia\/news\/2019\/01\/14\/owner-ocean-resort-casino-deifek-atlantic-city.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"poured $70 million into Ocean Casino Resort (opens in a new tab)\">poured $70 million into Ocean Casino Resort<\/a> &#8211; $50 million of this amount was used to pay off the casino&#8217;s debt and this has greatly improved the properties balance sheets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"more-emphasis-on-casino-gaming\">More Emphasis on Casino Gaming<\/h2>\n\n\n\n<p>Perhaps one of the reasons why everything has begun to take\nan upward trajectory revenue-wise for the gaming facility is its new marketing plan\nthat emphasizes its casino offerings \u2013 this is why the company rebranded from &#8220;Ocean\nResort Casino&#8221; to &#8220;Ocean Casino Resort&#8221;. In addition to that, the\nmanagement of the facility has added new elevators to make it much easier to\nget to the casino floor from the hotel thus addressing a longtime problem for\nmost of its customers.<\/p>\n\n\n\n<p>To gain an even stronger footing in the Atlantic City gaming industry, the property will be adding a total of 200 slot machines in order to boost its gaming offering as part of its new growth strategy. Furthermore, the Ocean Casino Resort is also expected to <strong>add a total of 500 hotel rooms <\/strong>which will bring the total number of rooms in the property to a whopping 1,900.<\/p>\n\n\n\n<p>Many other amenities are expected to follow shortly. The likely\ncandidates include a buffer (which it currently does not have) and a food\ncourt. Plans for a Starbucks have also been around for quite some time now but construction is yet to begin.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>&#8220;Luxor is committed to operating Ocean and is pleasantly surprised by the speed of operating improvements at the property. Luxor fully anticipates the market slowdown associated with the fall and winter seasons,&#8221; Ocean\u2019s interim CEO Eric Matejevich commented.<\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"ocean-casinos-eventful-history\">Ocean Casino&#8217;s Eventful History<\/h2>\n\n\n\n<p>The Boardwalk property opened its doors for the very first\ntime in 2012 as Revel Casino, but it was only able to operate for two and a\nhalf years before it shut down in 2014. Its shutdown was attributed to heavy\nfinancial issues and market saturation that also affected five other Atlantic\nCity Casinos that close their doors between 2014 and 2015.<\/p>\n\n\n\n<p>Late Colorado businessman Bruce Deifik late paid $200 million for the facility before <a href=\"https:\/\/www.casinosrealmoney.com\/news\/hard-rock-ocean-resort-finally-go-live-in-atlantic-city\/\">reopening it in June 2018<\/a> \u2013 he invested $200 million more into the preparations for its relaunch. Unfortunately, after it was relaunched, <strong>the casino continued to perform very poorly and this is what prompted its sale to the Luxor Capital Group.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After months of losses following its opening in June 2018, Ocean Casino Resorts which until a few weeks ago was known as Ocean Resort Casino will finally report a profit. This will not only chart the way forward for the gambling and entertainment facility under its new ownership but also represents a positive outlook for [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4598,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[18,19,243,116],"class_list":["post-4597","post","type-post","status-publish","format-standard","hentry","category-business","tag-atlantic-city","tag-casino","tag-ocean-casino-resort","tag-profit"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Atlantic City&#039;s Ocean Casino Resorts Starts Scoring Profit - Casinos Real Money News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casinosrealmoney.com\/news\/atlantic-citys-ocean-casino-resorts-starts-scoring-profit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Atlantic City&#039;s Ocean Casino Resorts Starts Scoring Profit - Casinos Real Money News\" \/>\n<meta property=\"og:description\" content=\"After months of losses following its opening in June 2018, Ocean Casino Resorts which until a few weeks ago was known as Ocean Resort Casino will finally report a profit. This will not only chart the way forward for the gambling and entertainment facility under its new ownership but also represents a positive outlook for [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casinosrealmoney.com\/news\/atlantic-citys-ocean-casino-resorts-starts-scoring-profit\/\" \/>\n<meta property=\"og:site_name\" content=\"Casinos Real Money News\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-06T08:16:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casinosrealmoney.com\/news\/wp-content\/uploads\/sites\/2\/2019\/05\/Ocean-Resort-Casino-Atlantic-City-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"940\" \/>\n\t<meta property=\"og:image:height\" content=\"463\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tomas Medon\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tomas Medon\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.casinosrealmoney.com\/news\/atlantic-citys-ocean-casino-resorts-starts-scoring-profit\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.casinosrealmoney.com\/news\/atlantic-citys-ocean-casino-resorts-starts-scoring-profit\/\"},\"author\":{\"name\":\"Tomas Medon\",\"@id\":\"https:\/\/www.casinosrealmoney.com\/news\/#\/schema\/person\/f2a9520bd5399e4f159cfaf241505ec3\"},\"headline\":\"Atlantic City&#8217;s Ocean Casino Resorts Starts Scoring Profit\",\"datePublished\":\"2019-05-06T08:16:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.casinosrealmoney.com\/news\/atlantic-citys-ocean-casino-resorts-starts-scoring-profit\/\"},\"wordCount\":487,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.casinosrealmoney.com\/news\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.casinosrealmoney.com\/news\/atlantic-citys-ocean-casino-resorts-starts-scoring-profit\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casinosrealmoney.com\/news\/wp-content\/uploads\/sites\/2\/2019\/05\/Ocean-Resort-Casino-Atlantic-City-1.jpg\",\"keywords\":[\"Atlantic City\",\"Casino\",\"Ocean Casino Resort\",\"profit\"],\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.casinosrealmoney.com\/news\/atlantic-citys-ocean-casino-resorts-starts-scoring-profit\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casinosrealmoney.com\/news\/atlantic-citys-ocean-casino-resorts-starts-scoring-profit\/\",\"url\":\"https:\/\/www.casinosrealmoney.com\/news\/atlantic-citys-ocean-casino-resorts-starts-scoring-profit\/\",\"name\":\"Atlantic City's Ocean Casino Resorts Starts Scoring Profit - 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