The Press of Atlantic City: Last month, Ocean Resort Casino, formerly known as the Revel, is being sold to one of its lenders. Manhattan-based hedge fund, Luxor Capital Group, will acquire Deifik's share in the property and gain a controlling interest. Ocean Resort's gambling revenue has lagged behind competing casinos in Atlantic. For example, last year the casino took in $90 million in revenue, compared to $161.6 million for the Hard Rock and $710.8 million for the Borgata Hotel Casino. Luxor Capital's strategic investment is expected to close in early February, pending regulatory approvals and final documentation. In the interim, a trustee, who will be appointed once the $70 million investment closes, will oversee the trust until Luxor Capital receives its interim authorization. Capital investments planned by the investment fund include a world-class buffet, additional suite and room product, incremental investments on the casino floor, a substantial increase in its entertainment programming and player events throughout the year. Robert Ambrose, a gaming and hospitality consultant, lauded the proposed improvements but said that Atlantic City really needs to draw more visitors to really help struggling, independent casinos like the Ocean Resort to succeed.