30-second summary

Frank Leone Mt Airy Casino

• TEN, the former Revel Casino Hotel, announced it has named Frank Leone its new senior vice president of casino operations.The company also appointed two other executives: Cindi LePine to vice.
• Wo top executives at Ocean Resort Casino were let go Monday, further signs of a new direction under New York-based hedge fund Luxor Capital Group. Frank Leone, the property’s former CEO, and Alan Greenstein, now ex-chief financial officer, were terminated less than a month after Luxor assumed control of Ocean Resort from Colorado-based developer Bruce Deifik.

• Ocean Resort Casino is now majority-owned by Luxor Capital Group
• Former owner Bruce Deifik maintains his minority share
• Revel was purchased in January 2018 by Deifik for $229m (£174.2m) with financing from Luxor and J.P. Morgan Chase
• Luxor commits $70m (£53.3m) in new strategic capital to the resort

In early 2019, the owner of the Ocean Resort Casino in Atlantic City announced that the property would be changing hands. Bruce Deifik is a real estate developer who purchased the property in 2018. The former principal owner of the Ocean Resort will no longer have the majority stake in the property. The new majority stakeholder has now been revealed as the Luxor Capital Group.

New Owner

'We are incredibly proud of the progress our team members have made in establishing Ocean Resort Casino as one of the premier gaming and leisure destinations in the United States,' said Frank Leone, the casino's CEO.

The Luxor Capital Group is a private investment firm based in New York State. The company has been involved with the Ocean Resort Casino since Deifik made the purchase. Formerly known as the Revel Casino Hotel, the property was purchased by Deifik in January of last year for $229m.

Deifik received financing for the purchase from Luxor Capital Group and J.P. Morgan Chase. Two bridge loans were provided. J.P. Morgan Chase provided $110m (£83.7m) and Luxor supplied $122.5m (£93.2m). Luxor Capital will now assume control once given interim authority to own a casino venue. Since approval can take time, a trust will be created for the temporary ownership of the property.

The CEO of Ocean Resort Casino, Frank Leone, said: “We are incredibly proud of the progress our team members have made in establishing Ocean Resort Casino as one of the premier gaming and leisure destinations in the United States. We opened up the property even more effectively to the Boardwalk, and activated retail spaces and food and beverage options that have been extremely well-received by our guests.”

Frank Leone Casino

Continued Investment

When Deifik purchased the casino property, he quickly began renovating and making additions. He bought it in January 2018 and it was open by June. An indoor golf facility was added at the time and sports betting was added this year, offering one of the most extensive options for wagering in the state. The casino floor was reconfigured during the renovations as well.

The new owner, Luxor Capital, plans to use $70m (£53.3m) as strategic capital. A buffet, along with more suites and rooms, will be added to the property with the investment. The casino floor will also be improved. Luxor also has plans to make a substantial increase in entertainment options and player events this year.

Frank Leone Ocean Resort Casino

The investment should close early next month if the regulatory approvals and final documentation come through. The proposal would help fund the projects for this year and provide the casino with more financial flexibility. After the investment is approved, Luxor will begin the licensing process via the New Jersey Division of Gaming Enforcement.