In 2019, Oceans Resort Casino announced that it would be rebranding to Ocean Casino Resort in a bid to reverse its financial struggles. Since then, the brand has continued to make numerous changes including property improvements in a bid to offer customers an unparalleled gambling experience.
During its financial struggles, Oceans also changed ownership. A hedge fund based in New York known as Luxor Capital stepped in to assume ownership from former developer Bruce Deifik. Resorts originally opened its doors in 2018 as Revel but it later shut down in 2014 with 4 other casinos in Atlantic City.
But Oceans Casino is a far cry from what it used to be in 2014. Today, it is easily one of the most visited casino resorts in Atlantic City and the new upgrades and improvements will help to ensure that things stay that way. At the beginning of the year, Oceans Casino announced that it would invest approximately $85 million to upgrade its rooms and suites.
Although Oceans is one of the less mature casinos in Atlantic City, Oceans invested an estimated $72 million to upgrade its rooms including the brand-new Contemporary Blue-style rooms. The upgrade saw the addition of beach-inspired hues and wall coverings, as well as the addition of marble flooring.
In March, the casino resort also announced that it would be introducing a new section dubbed “The Gallery Bar, Book & Games.” The bar will include an elevated bar, as well as a lounge that will be capable of accommodating 59 guests. The remodel will also see the addition of a dozen new slot machines.
The gallery will also include a massive LED wall that’s 140 feet, as well as an array of blackjack and roulette tables that will engulf the bar’s perimeter. In the gallery, a 17-foot staircase will link to the Balcony bar situated on the mezzanine that will host customers that are looking for a VIP sports betting experience.
The upgrades that have been done so far have been nothing short of amazing. Last year in October, Luxor Capital, which controls Oceans Resorts announced that the Ilitch organization had acquired 50% control over the casino resort. As such, Luxor and Illitch now share equal ownership.
Illitch’s investment into the brand is what has funded the majority of the renovations that have taken place thus far. Owing to Ilitch’s growth capital and strategic partnership, Ocean has progressed and has even hired new top leadership that will steer the ship. Oceans has also effectively strengthened its position in the market and continues to gain market share in a thriving gambling market in New Jersey.
Following the joint venture, Oceans quickly announced a reinvestment of at least $75 million, which would be distributed throughout this year. 460 guest rooms and suites have already been added, which has advanced Oceans’ mission even further.
Oceans opened its doors on the same day as its close competitor Hard Rock in 2018. Since then, the brand has worked hard to establish its dominance in one of the most competitive gambling markets in the country. So far, Borgata remains the highest revenue generator after its 20-plus years in the market.
Last year, Borgata generated $606 million in gross gaming revenue while Hard Rock took second place with $431.1 million. Oceans wasn’t too far off behind in third place with its $306.8 million, which just goes to demonstrate Ocean Casino’s staying power. Even though Oceans is still relatively young compared to other veteran brands, it has managed to overtake casino resorts that have been around for decades.
This July, casinos in Atlantic City exceeded $300 million in income. Based on data from the New Jersey Division of Gaming Enforcement, casinos in the city improved their profits by more than $70 million compared to June’s $229 million. This is the highest revenue generated by the 9 casinos in Atlantic City since November 2016.
Through the first 7 months of the year, casinos in AC have generated more than $1.6 billion in earnings. Borgata topped the table in terms of profits when it produced an excess of $77 million in July. Out of the casinos in the city, Oceans was the only one to record more year-over-year.
Oceans’ revenue surged to more than $40 million, which is an increase of more than 30% compared to last year. In July, Oceans maintained its place in 3rd position while other more established casino brands namely Harrah’s, Golden Nugget, and Caesars trailed behind.
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Newly added pool area
The upgrades, which started in March also saw the pool transformed into an upgrade worth $4 million. The $4 million makeover which took place on the third floor of the Ocean Tower lasted 5 months before it was opened to guests in a well-organized ceremony complete with a cannonball and a ribbon to cut.
The newly remodeled pool now features a retractable roof, which means that the space can cater to guests all through the year whether it’s shining or raining. The 45,000-gallon pool was remodeled using 248 panels of glass and is the only one of its kind in Atlantic City. With the transparent panels and the retractable roof, the pool will also serve as a space for hosting various events including wedding receptions and parties.
The pool is 50 feet long and 26 feet wide and is capable of accommodating a large number of guests. As you can expect from a high-end casino resort like Ocean, the saltwater is treated with a UV system installed to protect users against harmful bacteria. Other features added during the remodel include a 12-seat, full-service bar, as well as a reconditioned fitness center.
Final Thoughts
The gambling market is finally starting to recover after a tough few years of dealing with the impact of the pandemic. For the first time in a long time, casinos in AC are going through the first normal non-pandemic related summer in 3 years and Oceans has been preparing for it for a long time. Because of its dedication to remaining a premier gambling destination in New Jersey, Oceans has been making gradual improvements over the last few years.
