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Little Caesars’ Ilitch adds casino business
Ilitch Gaming will be entirely dedicated to overseeing Ilitch’s three casinos — MotorCity Casino Hotel in Detroit, Ocean Casino Resorts in Atlantic City, New Jersey, and Scarlet Pearl Casino, which is in the process of being sold.
The first order of business will be finalizing the purchase of the outstanding 50% stake in Ocean Casino from private equity group Luxor Capital, and entering a purchase agreement with carlet Pearl Casino.
“The formation of Ilitch Gaming marks a defining new chapter in the evolution of our gaming and hospitality business,” said Chris Ilitch, chairperson of Ilitch Gaming. “We remain committed to creating memorable experiences for guests, supporting responsible gaming, and serving as a positive economic force in the communities where we operate.”
He continued to say that the next stage of Ilitch as an entity carried out a family vision that was presented more than half a century ago.
“My mother Marian Ilitch’s vision for MotorCity Casino Hotel and our success in Detroit over nearly three decades is the inspiration for what comes next,” he said.
Expanding the company portfolio
Ilitch Companies was founded by Mike and Marian Ilitch in 1959 when they launched their first Little Caesars location in Garden City, Michigan. As years went on, they expanded into sports, entertainment, and gaming.
The company transformed into Ilitch Holdings, Inc. in 1999.
In addition to being responsible for Little Caesars, its catchy “pizza, pizza” tagline, and several casinos, the family also owns the Detroit Tigers, Detroit Red Wings, and Fox Theatre.
Its first gaming endeavor occurred when the Ilitches partnered with Las Vegas-based Mandalay Resort Group in a $525 million deal, which resulted in the creation of the MotorCity Casino. Ilitch bought out Mandalay Bay’s 75% stake in April 2005 after MGM Resorts purchased Mandalay, and Detroit officials forced MGM to sell its stake in light of anti-monopoly laws.
In 2021, Ilitch paid only $175 million for a 50% stake in Ocean Casino Resort — just about seven percent of the $2.4 billion it cost to construct and launch operations.
Scarlet Pearl Casino will add another casino location to Ilitch’s portfolio.
According to the property’s website, customers are entitled to 60,000 square feet of gaming space, including “dynamic” slot machines, live-dealer table games, including roulette, craps, and baccarat, a sportsbook, and high-limit experiences.
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