Little Caesars founders form new gaming unit, take full control of Atlantic City's Ocean Casino

The Ilitch family, founders of the Little Caesars pizza chain, is expanding its gaming business through the creation of a new company, Ilitch Gaming, which will oversee its casino portfolio and future growth initiatives.

The company has agreed to acquire Scarlet Pearl Casino Resort in Mississippi and purchase the remaining 50% stake in Ocean Casino Resort from Luxor Capital, giving it full ownership of the Atlantic City property. MotorCity Casino Hotel in Detroit will also be incorporated into the new gaming division.

Ilitch Gaming will be chaired by Chris Ilitch, son of Little Caesars founders Marian Ilitch and the late Mike Ilitch.

"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," Ilitch said. "The formation of Ilitch Gaming marks a defining new chapter in the evolution of our gaming and hospitality business."

The formation of Ilitch Gaming and the two acquisitions remain subject to regulatory approvals. Financial terms of the transactions were not disclosed.

The Ilitch family developed MotorCity through a partnership with Las Vegas-based Mandalay Resort Group for $525 million. Ilitch bought out Mandalay Bay’s 75% stake in 2005, after MGM Resorts acquired Mandalay, and city officials forced MGM to divest the stake due to anti-monopoly laws.

The family expanded into Atlantic City in 2021 through a $175 million investment in Ocean Casino Resort, acquiring a 50% stake in the property. Since then, Ocean Casino Resort has emerged as one of Atlantic City's top-performing casino resorts.

Ocean Casino Resort, formerly known as Revel, opened at a cost of about $2.4 billion and underwent multiple financial restructurings before returning to growth.

"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," Ilitch said.

The Ilitch family also owns the Detroit Tigers baseball team and the Detroit Red Wings hockey team.