Trustee OKd for Atlantic City casino during ownership change

ATLANTIC CITY, N.J. (AP) — A veteran casino executive will oversee Atlantic City’s cash-strapped Ocean Resort Casino as its new owners seek a gambling license.

The New Jersey Casino Control Commission appointed Eric Matejevich (MATT’-eh-vitch) on Wednesday as a trustee for the casino while New York hedge fund Luxor Capital seeks a casino license.

Luxor is assuming ownership of the casino from Colorado developer Bruce Deifik and his family.

Deifik bought the casino just over a year ago for $200 million.

Luxor, which lent him money for the purchase, plans to inject an additional $70 million into the casino.

The state requires the casino to maintain at least $36 million on hand at all times, but it has recently fallen below $20 million.