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The oceans resort new owner files Petition for a casino license

The popular oceans casino resort was opened at the site of another famous 2.4 million revel casino hotel June during the last year. The revel hotel was disclosed as they did not earn much profit rather the hotel for two and a half years hardly earned any profit.  A New York-based company Luxor capital group have taken initiation to hedge fund to purchase the oceans casino resort.

They have also filed a petition regarding their acquisition of the property and to claim the interim authorization of the property.  Glenn Staub a Florida based business tycoon purchased this property in the year 2015 in order to reopen it and make it a hotspot for a boardwalk. However, he couldn’t fulfill what he wanted to do with that place as Mr Glenn passed away.

After this, the property was acquired by another businessman. However, the Luxor is the company which is going to own the property. As per the gambling laws, the new owner of oceans resorts new acquirer should get a casino license in order to run it without any difficulties.  To get the interim authorization Luxor has to undergo a primary investigation by gaming enforcement of New Jersey. It should also be approved by the casino commission of the state.

If the Luxor Company is going to act like the boardwalk resort it will examine whether it is eligible to run the company. This is a 90-day assessment done by the gaming enforcement and the end results will be reported to the casino commission.  After the 30 days of submission of the report, it will be decided to provide a license for Luxor capital group.

About the author

Rebecca Pop

Rebecca Pop

After three and a half years of iGaming industry experience, Rebecca Pop resigned and joined industry icon and former online gaming executive Tom Wilson to serve as the Global Brand Ambassador and the Head On-site Reporter for Tunf.

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