What isn't an April Fool's joke is that the new generation of Phillips' have sold all their Ocean City businesses to concentrate on the Baltimore locations and "business interests outside the restaurant industry".
Phillip's By The Sea changed several years ago and had a variety of cuisines for the last several years (Thai Fusion only lasted a year) and the building has been sold (as has the restaurant at 21st St.) and is slated to be demolished and replaced by a hotel with 7 to 17 floors (that's being wrangled with Planning and Zoning over there. It's in a height overlay district which limits the height to less than either number).