Detroit’s Ilitch family buying half of Atlantic City casino

ATLANTIC CITY, N.J. (AP) — A New York hedge fund says it’s selling as much as half of its ownership of Atlantic City’s Ocean Casino to Detroit’s Ilitch family. Officials of the Luxor Capital Group told The Associated Press on Tuesday they have reached a deal with the Ilitch organization. The family owns the Detroit Tigers and Red Wings, the Little Caesars pizza chain, and a casino-hotel in Detroit. The deal would close after all regulatory approvals have been obtained. The amount of the Ilitch family’s investment was not disclosed. The Ocean casino opened nine years ago as Revel. The resort immediately ran into trouble that led to two bankruptcy filings and its closure.