ATLANTIC CITY, N.J. — A perennially challenged Atlantic City casino will finally turn a profit this month and chart the way forward under the ownership of a New York hedge fund. The Ocean Casino Resort, which until a few weeks ago was known as the Ocean Resort Casino , has greatly reduced its debt and will return to profitability in May, according to Eric Matejevich, the interim CEO managing the oceanfront property while an ownership transfer takes place. When it was called Revel, the property was one of five of Atlantic City’s 12 casinos to go out of business between 2014 and 2016. Atlantic City’s main casino union recently asked regulators to help protect casino jobs at properties owned by hedge funds, accusing them of seeking short-term profits at the expense of long-term investment and growth. “Luxor is committed to operating Ocean and is pleasantly surprised by the speed of operating improvements at the property,” Matejevich said.

Source: National Post May 05, 2019 13:41 UTC