Atlantic City, NJ (AP) – CEO of Ocean Casino Resort Has resigned after changing the finances of one of Atlantic City’s big casinos during his two-year tenure.
The exit of Terry Glebocki following an unprecedented wave of female leads has reduced the number of female casino owners in the city. Exactly a year ago, four of the city’s nine casinos were led by women, but two have since gone.
The casino did not provide a reason for Glebowki’s departure, which was announced to staff on Monday morning, and it declined to comment further.
Glebowki helped Ocean, the casino formerly known as Ravel, return to profitability after losing money for years.
“Glebowkey has over three decades of financial management experience navigating the ocean’s course to financial stability,” the casino said in a statement. “Terry joined Ocean on the verge of bankruptcy, and is leaving the property in Atlantic City as a major casino resort.”
The casino is owned by New York hedge fund Luxor Capital Group.
It was not immediately clear who would lead the casino in its search for a new CEO. Glebowki also resigned from his role as president of the Atlantic City Casino Trade Association, the casino association of New Jersey.
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Ocean will only say that “we are working through this transition and will provide updates as they become available.”
Glebocki was appointed as CEO in December 2019 after serving in an interim capacity for three months. She previously served as the casino’s chief financial officer, and had over 30 years of financial management experience when she took the top position at Ocean.
He was credited with transforming casino finances. When it operated as Revel from 2012 to 2014, the casino never came close to making a profit, filing for bankruptcy twice and closing after a little over a year and a half of operation.
Ocean Casino Resort in Atlantic City, NJ (Courtesy of Ocean Casino Resort)
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But under Glebowki, the casino reduced spending while refurbishing casino floors, and added facilities for upscale gamblers, helping to increase its revenue from gambling and non-gambling sources. In April, it reinvested $15 million in the property, which includes interior works, as well as renovations to the pool, cabanas, and its beach.
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For the first six months of this year, Ocean posted a gross operating profit of about $25 million, compared to an operating loss of $12.4 million in the same period a year ago.
In addition to Glebowki, former Bally senior vice president and general manager Kerry Hall was replaced by a man after the casino was sold last year.
Jacqueline Grace at the Tropicana and Melony Johnson at Borgata remain in their positions at the top of their respective casinos.
Glebocki started his career with accounting. His casino jobs included internal auditing at Bally, serving as Vice President of Finance for Trump Entertainment and Chief Financial Officer of Trump Plaza and Corporate Chief Financial Officer for Tropicana Entertainment.