{"id":111843,"date":"2019-08-11T04:02:51","date_gmt":"2019-08-11T11:02:51","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=111843"},"modified":"2019-08-11T12:52:47","modified_gmt":"2019-08-11T19:52:47","slug":"regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/","title":{"rendered":"Regulators, Experts Say Ocean Casino Resort Faces Multiple Challenges as Luxor Takes Interim Control, Trustee Named"},"content":{"rendered":"

Ocean Casino Resort needs to overcome financial difficulties and other roadblocks, according to the New Jersey state Division of Gaming Enforcement and Casino Control Commission, as regulators last week gave Luxor Capital Group interim control over the Atlantic City property.<\/p>\n

\"\"
Nicholas R. Amato, an attorney with Genova Burns, identifies multiple challenges ahead for the Ocean Casino Resort in Atlantic City. (Image: NJTV)<\/figcaption><\/figure>\n

The state Casino Control Commission approved interim casino authorization on Wednesday, Aug. 7 for the firm. Regulators will vote later on whether Luxor is qualified to hold the casino\u2019s license. Luxor was given interim casino authorization by the Casino Control Commission only with various financial conditions. The conditions were recommended by the state Division of Gaming Enforcement.<\/p>\n

Over the property\u2019s history and different names, the casino has experienced financial setbacks and incomplete plans.<\/p>\n

The commission also named Gary Van Hettinga the trustee until Ocean gets a permanent CEO. Earlier, Van Hettinga was the property\u2019s CEO. He also was a top administrator for Caesars World and Tropicana Atlantic City, as well as chief financial officer for the Mohegan Sun in Connecticut.<\/p>\n

\u201cHe\u2019s a pro,\u201d said Nicholas R. Amato, who is chair of the Casinos & Gaming Industry Group at New Jersey\u2019s Genova Burns law firm. He told Casino.org<\/em> about Van Hettinga: \u201cHe knows the business.\u201d<\/p>\n

Amato himself is a veteran of the casino sector in the Garden State. He was executive director of the New Jersey Casino Reinvestment Development Authority, president of the Casino Association of New Jersey, and held key positions with Resorts International and Trump Hotels & Casino Resorts.<\/p>\n

Amato noted how, so far this year, the Ocean has had better luck. Ocean has seen more than $102 million in total gaming revenue during the first half of 2019, which includes June, when the property saw $21.49 million.<\/p>\n

Gaming revenue, revenue from slot machines, and occupancy for the hotel set records in June, according to Mike Donovan, chief marketing officer and senior vice president at Ocean, the Press of Atlantic City <\/em>reported.<\/p>\n

It looks that it\u2019s starting to show some signs of success,\u201d Amato said about Ocean. \u201cI\u2019m hoping they are going to continue the turnaround in 2019.”<\/p><\/blockquote>\n

\u201cIt\u2019s had a difficult history,\u201d Amato added about the challenges the different owners of the Ocean experienced.<\/p>\n

Troubled History<\/h2>\n

Originally known as the Revel Casino Hotel Atlantic City when it opened in 2012, the casino was not on the first floor. Hotel elevators did not stop on the casino floor, Amato recalled.<\/p>\n

\u201cThey tried something different,\u201d Amato said. \u201cIt didn\u2019t work.\u201d<\/p>\n

The property went through bankruptcies. It was sold more than once. Then the casino was reopened in June 2018.<\/p>\n

Luxor Group took control of the casino in January. \u201cThey corrected as much as they could,\u201d Amato said.<\/p>\n

\n

Brian J. Tyrrell, a professor of hospitality and tourism management at Stockton University, told Casino.org,<\/em> \u201cIt\u2019s a real smart move hiring an executive who knows the Atlantic City market well, knows how to compete specifically in the south inlet, and understands the ever-growing northeast gaming market.\u201d<\/p>\n<\/div>\n

He adds that, \u201cin general \u2026 the commission is concerned about the financial stability of the resort, which has under-performed until recently in both phases of its existence. Certainly, the ability to finish the 12 floors of unfinished rooms has to be a consideration.\u201d<\/p>\n

He explained that \u201cboth the ability to finish the rooms and successfully run the resort at a profit are likely needed for success.\u201d<\/p>\n

James T. Plousis, chairman of the Casino Control Commission, pointed out, \u201cWe are all acutely aware of this property\u2019s past struggles. In fact, there were real questions as to whether this asset would ever be operational again,\u201d he said to the Press<\/em>.<\/strong><\/p>\n

Looking ahead, Amato said the casino needs strong financial and executive teams. Also, a key goal is \u201cgetting around the numbers,\u201d he said.<\/p>\n

Casino management additionally needs to identify \u201cwhat draws occupancy: customers,\u201d Amato said. \u201cMarketing plays a very big role.\u201d<\/p>\n

Luxor was given interim casino authorization by the Casino Control Commission only with various financial conditions. The conditions were recommended by the state Division of Gaming Enforcement.<\/p>\n

In 2018, Luxor helped to finance the purchase of the casino by Bruce Deifik, <\/a>who died in April 2019, for $229 million. Altogether, Luxor invested nearly $70 million into Ocean.<\/p>\n

Earlier this year, Luxor announced it wanted to reopen 500 hotel rooms in the existing tower to take Ocean\u2019s total occupancy to 1,900 rooms. An additional 200 slot machines are planned for the casino floor, too.<\/p>\n

Another issue for the casino is how to attract pedestrians when it is located at the northern end of the Boardwalk.<\/p>\n

New Jersey Wants Tourism Increases<\/h2>\n

This month, New Jersey Gov. Phil Murphy (D) said he wants to grow tourism and see visitation increase by more than a quarter by 2023.\u00a0Jeff Vasser, executive director for the New Jersey Division of Travel and Tourism<\/a>, told the Press<\/em> of Atlantic City the beachfront casino town is the state\u2019s best asset in increasing visitation.<\/p>\n

New Jersey welcomed nearly 111 million visitors last year, who spent more than $22 billion. Atlantic City was responsible for 43 percent of the overnight guests.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ocean Casino Resort needs to overcome financial difficulties and other roadblocks, according to the New Jersey state Division of Gaming Enforcement and Casino Control Commission, as regulators last week gave Luxor Capital Group interim control over the Atlantic City property. The state Casino Control Commission approved interim casino authorization on Wednesday, Aug. 7 for the […]<\/p>\n","protected":false},"author":44,"featured_media":111844,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18,13592],"tags":[],"acf":[],"yoast_head":"\nRegulators, Experts Say Ocean Casino Resort Faces Multiple Challenges<\/title>\n<meta name=\"description\" content=\"Ocean Casino Resort needs to overcome financial difficulties and other roadblocks, according to the New Jersey state Division of Gaming Enforcement and Ocean Casino Resort needs to overcome financial difficulties. New Jersey regulators give Luxor Capital interim control.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Regulators, Experts Say Ocean Casino Resort Faces Multiple Challenges\" \/>\n<meta property=\"og:description\" content=\"Ocean Casino Resort needs to overcome financial difficulties and other roadblocks, according to the New Jersey state Division of Gaming Enforcement and Ocean Casino Resort needs to overcome financial difficulties. New Jersey regulators give Luxor Capital interim control.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-11T11:02:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-08-11T19:52:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/amato.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ed Silverstein\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgedsilv\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ed Silverstein\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/\",\"url\":\"https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/\",\"name\":\"Regulators, Experts Say Ocean Casino Resort Faces Multiple Challenges\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/amato.jpg\",\"datePublished\":\"2019-08-11T11:02:51+00:00\",\"dateModified\":\"2019-08-11T19:52:47+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/b3771b02527bcbda9af984b9b1ff098e\"},\"description\":\"Ocean Casino Resort needs to overcome financial difficulties and other roadblocks, according to the New Jersey state Division of Gaming Enforcement and Ocean Casino Resort needs to overcome financial difficulties. New Jersey regulators give Luxor Capital interim control.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/amato.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/amato.jpg\",\"width\":1920,\"height\":1080},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Commercial Gaming\",\"item\":\"https:\/\/www.casino.org\/news\/commercial-gaming\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Live Casinos\",\"item\":\"https:\/\/www.casino.org\/news\/commercial-gaming\/live-casinos\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Regulators, Experts Say Ocean Casino Resort Faces Multiple Challenges as Luxor Takes Interim Control, Trustee Named\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/b3771b02527bcbda9af984b9b1ff098e\",\"name\":\"Ed Silverstein\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-6-1-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-6-1-96x96.png\",\"caption\":\"Ed Silverstein\"},\"description\":\"Ed Silverstein is a senior reporter covering gambling law and crime news for Casino.org. Ed is an award-winning journalist with credits ranging from the Associated Press to American Lawyer Media. Ed joined the Casino.org news team in 2019 after decades of experience in legal reporting. His past reporting and editing assignments include Cowles Business Media, Columbia University Press, the Connecticut Post, and Southern Connecticut Newspapers, Inc. Besides the law and its application to the gaming industry, Ed\u2019s areas of expertise span business, politics, education, and state and local government. Ed holds an undergraduate degree from the University of Connecticut and master\u2019s degrees from Harvard and Yale. His professional awards include recognition from the New England Press Association and New England AP News Executives. Ed currently resides in Connecticut, where he enjoys photography and bowling in his spare time. Contact Ed at ed.silverstein@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/ed-silverstein\",\"https:\/\/x.com\/casinoorgedsilv\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/ed-silverstein\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Regulators, Experts Say Ocean Casino Resort Faces Multiple Challenges","description":"Ocean Casino Resort needs to overcome financial difficulties and other roadblocks, according to the New Jersey state Division of Gaming Enforcement and Ocean Casino Resort needs to overcome financial difficulties. New Jersey regulators give Luxor Capital interim control.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Regulators, Experts Say Ocean Casino Resort Faces Multiple Challenges","og_description":"Ocean Casino Resort needs to overcome financial difficulties and other roadblocks, according to the New Jersey state Division of Gaming Enforcement and Ocean Casino Resort needs to overcome financial difficulties. New Jersey regulators give Luxor Capital interim control.","og_url":"https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2019-08-11T11:02:51+00:00","article_modified_time":"2019-08-11T19:52:47+00:00","og_image":[{"width":1920,"height":1080,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/amato.jpg","type":"image\/jpeg"}],"author":"Ed Silverstein","twitter_card":"summary_large_image","twitter_creator":"@casinoorgedsilv","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Ed Silverstein","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/","url":"https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/","name":"Regulators, Experts Say Ocean Casino Resort Faces Multiple Challenges","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/amato.jpg","datePublished":"2019-08-11T11:02:51+00:00","dateModified":"2019-08-11T19:52:47+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/b3771b02527bcbda9af984b9b1ff098e"},"description":"Ocean Casino Resort needs to overcome financial difficulties and other roadblocks, according to the New Jersey state Division of Gaming Enforcement and Ocean Casino Resort needs to overcome financial difficulties. New Jersey regulators give Luxor Capital interim control.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/amato.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/amato.jpg","width":1920,"height":1080},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/regulators-experts-say-ocean-casino-resort-faces-multiple-challenges-as-luxor-takes-interim-control-trustee-named\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Commercial Gaming","item":"https:\/\/www.casino.org\/news\/commercial-gaming\/"},{"@type":"ListItem","position":3,"name":"Live Casinos","item":"https:\/\/www.casino.org\/news\/commercial-gaming\/live-casinos\/"},{"@type":"ListItem","position":4,"name":"Regulators, Experts Say Ocean Casino Resort Faces Multiple Challenges as Luxor Takes Interim Control, Trustee Named"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/b3771b02527bcbda9af984b9b1ff098e","name":"Ed Silverstein","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-6-1-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-6-1-96x96.png","caption":"Ed Silverstein"},"description":"Ed Silverstein is a senior reporter covering gambling law and crime news for Casino.org. Ed is an award-winning journalist with credits ranging from the Associated Press to American Lawyer Media. Ed joined the Casino.org news team in 2019 after decades of experience in legal reporting. His past reporting and editing assignments include Cowles Business Media, Columbia University Press, the Connecticut Post, and Southern Connecticut Newspapers, Inc. Besides the law and its application to the gaming industry, Ed\u2019s areas of expertise span business, politics, education, and state and local government. Ed holds an undergraduate degree from the University of Connecticut and master\u2019s degrees from Harvard and Yale. His professional awards include recognition from the New England Press Association and New England AP News Executives. Ed currently resides in Connecticut, where he enjoys photography and bowling in his spare time. Contact Ed at ed.silverstein@casino.org.","sameAs":["https:\/\/muckrack.com\/ed-silverstein","https:\/\/x.com\/casinoorgedsilv"],"url":"https:\/\/www.casino.org\/news\/author\/ed-silverstein\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/111843"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=111843"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/111843\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/111844"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=111843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=111843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=111843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}