The family behind the Little Caesars pizza chain is expanding its presence in the US gaming sector with the creation of a new casino company and two major acquisitions that will significantly increase its footprint across the industry.
The Ilitch family has launched Ilitch Gaming, a new division that will oversee its casino operations and future growth initiatives. As part of the expansion, the company has agreed to acquire Scarlet Pearl Casino Resort in Mississippi and purchase the remaining 50 per cent stake in Ocean Casino Resort in Atlantic City from Luxor Capital.
The transactions are subject to regulatory approvals and financial terms have not been disclosed.
Ocean Casino Resort to come under full control
The purchase of Luxor Capital’s stake will give the Ilitch family complete ownership of Ocean Casino Resort, one of Atlantic City’s leading casino properties.
The family entered the Atlantic City market in 2021 through a $175 million investment that secured a 50 per cent interest in the resort. Since then, Ocean Casino Resort has strengthened its position in the city’s gaming market and emerged as one of the better-performing properties in Atlantic City.
The resort has undergone a dramatic turnaround over the past decade. Originally opened as Revel in 2012 at a cost of approximately $2.4 billion, the property struggled financially and went through several ownership changes and restructurings. Following new investment and redevelopment efforts, the resort returned to growth and has steadily improved its market performance.
The move to full ownership gives the Ilitch family greater control over the future direction of the Atlantic City property.
Mississippi acquisition expands reach
The acquisition of Scarlet Pearl Casino Resort broadens the family’s geographic reach beyond Michigan and New Jersey.
Located in D’Iberville on Mississippi’s Gulf Coast, Scarlet Pearl has established itself as a recognised gaming and hospitality destination in the regional market. The addition of the property will provide Ilitch Gaming with exposure to another established US casino jurisdiction and further diversify its portfolio.
The deal reflects continued interest in regional casino markets, which have attracted investment from operators seeking growth opportunities outside major destination gaming hubs.
The new company will also incorporate MotorCity Casino Hotel in Detroit, bringing the family’s gaming assets under a single operating structure. This portfolio expansion positions the Ilitch family alongside other major operators in the competitive gaming market, which includes best online casinos and traditional brick-and-mortar establishments.
Roots in Detroit gaming
The Ilitch family’s involvement in the casino industry dates back to the development of MotorCity Casino Hotel in Detroit.
The property was originally developed through a partnership with Mandalay Resort Group in a deal valued at $525 million. In 2005, Marian Ilitch acquired Mandalay’s 75 per cent stake after MGM Resorts International completed its acquisition of the Las Vegas-based company.
The sale was driven by regulatory requirements that forced MGM to divest the Detroit asset because of concerns over ownership concentration in the local casino market.
MotorCity Casino Hotel has since become one of Detroit’s three commercial casinos and remains a key asset within the family’s hospitality and entertainment portfolio.
New chapter for gaming business
Chris Ilitch, son of Little Caesars founders Marian Ilitch and the late Mike Ilitch, will chair Ilitch Gaming.
The launch of the new division formalises the family’s growing casino interests at a time when it is expanding beyond its traditional markets. Alongside its gaming assets, the Ilitch family also owns the Detroit Tigers baseball team and the Detroit Red Wings hockey team.
With the addition of Scarlet Pearl Casino Resort and full ownership of Ocean Casino Resort, Ilitch Gaming is set to oversee a portfolio spanning multiple US gaming markets, marking the family’s biggest casino expansion in recent years.
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