The Ilitch family, recognized for founding the Little Caesars pizza franchise, is broadening its gaming enterprise by establishing a brand new entity, Ilitch Gaming, which will manage its casino assets and spearhead future growth strategies.
The firm has finalized an agreement to purchase Scarlet Pearl Casino Resort located in Mississippi and is also acquiring the remaining 50% ownership in Ocean Casino Resort from Luxor Capital, thereby achieving full ownership of the Atlantic City venue. Additionally, MotorCity Casino Hotel in Detroit will be integrated into the new gaming division.
Chris Ilitch, the son of Little Caesars pioneers Marian Ilitch and the late Mike Ilitch, will preside over Ilitch Gaming.
“The vision my mother, Marian Ilitch, had for MotorCity Casino Hotel and our outstanding success in Detroit over the last three decades is the driving force behind our next steps,” stated Ilitch. “The creation of Ilitch Gaming signifies an important new chapter in the progression of our gaming and hospitality ventures.”
The establishment of Ilitch Gaming and the two acquisitions are still pending regulatory approval. Financial specifics of these transactions have not been disclosed.
The Ilitch family previously developed MotorCity Casino Hotel in collaboration with Las Vegas-based Mandalay Resort Group for $525 million. In 2005, Ilitch acquired Mandalay Bay’s 75% interest, following MGM Resorts’ acquisition of Mandalay. City officials mandated MGM to divest the stake due to anti-monopoly regulations.
In 2021, the family ventured into Atlantic City with a $175 million investment in Ocean Casino Resort, obtaining a 50% stake. Since that time, Ocean Casino Resort has established itself as one of the leading casino resorts in Atlantic City.
Ocean Casino Resort, which was formerly known as Revel, debuted at an investment of approximately $2.4 billion and has gone through several financial restructurings before re-entering a growth phase.
“We are dedicated to offering unforgettable experiences for our guests, promoting responsible gaming, and acting as a positive economic contributor in the communities we serve,” remarked Ilitch.
The Ilitch family is also the owner of the Detroit Tigers baseball team and the Detroit Red Wings hockey team.