Atlantic City’s Ocean Casino Resort has named Terry Glebocki as chief executive officer. She was formerly the boardwalk casino’s chief financial officer.
Held leadership positions in the hospitality industry
Glebocki has spent eight years at Ocean Casino Resort through its ownership changes and wavering fortunes. She has also served as EVP, CFO and Treasurer at Tropicana Entertainment Inc., and VP Finance of Trump Plaza Hotel and Casino. Glebocki has a Bachelor’s degree in accounting from the College of Business and Economics at Lehigh University.
With her appointment, Glebocki becomes the only currently-serving female CEO of an Atlantic City casino. In December 2018, Marilyn Spiegel was promoted to president of Wynn Las Vegas, making her only the third woman in the history of Las Vegas to head a Strip casino resort.
A part of the casino’s turnaround journey
In February last year, New York hedge fund Luxor Capital acquired Ocean Casino resort, and announced the replacement of then-CEO Frank Leone. The property’s trustee Eric Matejevich was made interim CEO and Glebocki was named CFO. The hedge fund pumped $70 million into the casino resort, of which $50 million was used to pay down outstanding debt and the rest allocated to the gaming side of operations, towards promotional costs to attract and retain NJ Online Gambling players.
Glebocki was a part of the management team when the casino resort opened as Revel in April 2012, and closed in 2014 after declaring Chapter 11 bankruptcy, being three of four Atlantic City casinos to close that year. Following its sale to Luxor Capital, the newly named Ocean Casino Resort was open for business in June 2018.
Glebocki said that many quick changes drove the property’s turnaround, which included growing revenue while decreasing expenses, and more marketing offers to boost visitation. She added that the casino resort scrutinized every expense and changed their cost structure to pave the way for better financial performance.
In its press release, the casino resort said it had delivered a record for revenue, profits and occupancy rates. “It’s a very exciting time to be the helm of the property. I look forward to working with the management team and all our team members to continue to meet property goals. We have many announcements planned for 2020,” said Glebocki.
After reporting losses for most of 2018, the casino resort posted $10.2 million in operating profit for July, August and September. Hard Rock Hotel & Casino Atlantic City, which also opened in June 2018, posted an operating profit of $24.4 million for the same period.
Ocean Casino’s revenue for November 2019 rose 66.8% compared to the same month in 2018, making the biggest contribution to the overall NJ casino industry’s 7.1% revenue improvement for the month. The casino resort reported $19.5 million in revenue, surpassing the Golden Nugget and Bally’s AC for the month. However, its sports betting revenue fell nearly 10% to $2.5 million. Internet gaming revenue was dismal, coming in at a mere $549,740. In contrast, Golden Nugget made an impressive $18 million in online casino win.