Atlantic City’s Ocean Resort Casino’s latest ownership change took a step forward Wednesday, despite compliance failures by its existing owner and doubts over the property’s future success.

Wednesday saw the New Jersey Casino Control Commission (CCC) meet to discuss the proposed sale of Ocean Resort Casino (ORC) to New York-based hedge fund Luxor Capital Group LP. The deal was announced late last month by the property’s current owner, Colorado developer Bruce Deifik.

The Press of Atlantic City reported that the CCC approved a divestiture trust agreement between Deifik and Luxor Capital that will enable ORC to remain open while Luxor’s principals undergo vetting by the Division of Gaming Enforcement (DGE) for interim casino authorization.

Only after successfully clearing this interim hurdle, which could take up to four months, will Luxor be subjected to the more rigorous poking and prodding to determine its suitability to hold a full New Jersey gaming license.