Ocean Casino Resort in Atlantic City continues to undergo numerous changes. The latest announcement from the Boardwalk property is the recent opening of a new high-limit gaming area dubbed The Loft.
Sitting on the 44th floor of the sprawling blue oceanfront casino complex, The Loft is a 2,000-square-foot VIP gaming lounge only accessible to invited high rollers. Along with breathtaking views of the Atlantic Ocean, a release from the casino says guests of The Loft will receive personal security detail and butler service.
Our ability to devote coveted hotel real estate to gaming raises the bar for high-limit action in Atlantic City,” said Terry Glebocki, chief executive officer for Ocean Casino Resort. “The Loft at Ocean presents a premier casino option for guests seeking an exclusive experience on the East Coast.”
The Loft features only table games. The VIP area offers guests blackjack, roulette, and baccarat.
The high-limit table area follows Ocean’s opening of The Cove in December. The Cove is a high-limit slot machine space measuring 7,450 square feet. It’s located adjacent to the Wahlburgers restaurant on the public casino level. The Cove features 140 high-limit machines.
$15 Million Rehab
Ocean revealed earlier this month that Ilitch Holdings, the parent company of the Little Caesars pizza franchise, has entered into an agreement with the present owners of the resort to acquire a 50 percent stake.
Luxor Capital, the New York-based private equity firm that currently controls Ocean, says The Loft is part of a $15 million refreshing of the overall property. Most of the funds are being used to revive the casino floor. But upgrades to the outdoor pools and cabanas are also being made.
“As restrictions are lifted and we begin reopening additional areas of our business, I am thrilled at the opportunity to present our guests with an evolving gaming experience that’s unique to the market,” Glebocki added.
Ocean managed the COVID-19 pandemic better than any other Atlantic City casino. The resort reported a full-year 2020 gross operating profit of roughly $21.9 million.
Less Hotel, More VIP
Ocean Casino Resort is making a big bet on high-limit play in Atlantic City. The Loft replaces several hotel rooms on the 44th floor that were one-bedroom suites. The resort towers 53 stories high, the tallest structure in Atlantic City.
COVID-19 resulted in fewer guests and overnight stays in Atlantic City last year. But Ocean kept its rooms occupied better than the eight other casinos in town.
Data supplied by the New Jersey Division of Gaming Enforcement reveals that Ocean’s 1,399 guestrooms were occupied last year at a rate of 84 percent. The casino also demanded the highest average nightly rate at $201.90. Borgata was a distant second at $160.38.
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