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New York Hedge Fund Buys Ocean Resort Casino

Wednesday, September 11th, 2019

New York Hedge Fund Buys Ocean Resort Casino

A New You are able to private investment decision firm is identified as the latest owner with the ailing Boardwalk hotel plus casino destination

New York-based hedge account Luxor Money Group is actually revealed since the mysterious client of Atlantic City’s Beach Resort On line casino after several months of speculations about it has the identity.

The exact private financial commitment firm includes no association to the Estas Vegas-based Luxor Hotel & Casino, which is certainly owned by means of MGM Vacation rentals International.

Luxor is getting Ocean coming from Colorado entrepreneur Bruce Deifik just ten months after the opening in the Boardwalk property or home. Mr. Deifik acquired the main hotel plus casino turn early on 2018, forking over $229 huge number of to the previous operator, Florida opportunist Glenn Straub.

Mr. Deifik’s purchase of typically the Atlantic Community casino hotel was actually in some measure funded with a $122. 5 million brdge loan via Luxor .

A pr release from Friday revealed that Luxor would get to be the principal manager of Seashore, while Mister. Deifik will certainly retain a little non-controlling interest in the property . First proposals that the Carmín investor was looking for buyers in the hotel together with casino vacation resort emerged inside a lawsuit filed away last Until by the ex- manager with the HQ2 pub at the house, Joseph Morrissey.

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