Terry Glebocki is resigning her role as CEO of Ocean Casino Resort, according to the Atlantic City casino.
Glebocki led Ocean’s turnaround from a flailing operation to one of the city’s top performers. The longtime financial executive had been the casino’s CEO since 2019.
Glebocki’s resignation unexpected
No reason was given for her departure.
“Glebocki has three decades of financial management experience, which navigated Ocean’s course to financial stability,” the casino said in a statement Monday. “Terry joined Ocean on the brink of bankruptcy and is leaving the property as a leading casino resort in Atlantic City.
Glebocki also resigned as president of the Casino Association of New Jersey, the industry’s lobbying and relations group.
Ocean did not indicate who would be taking over the CEO’s duties.
“We are working through this transition and will provide updates as they become available,” the casino said.
Trust in Terry
Glebocki was appointed CEO of Ocean in December 2019 after serving on an interim basis for several months.
The Boardwalk casino formerly known as Revel (2012-2014) had been financially struggling since it reopened in June 2018 as Ocean.
Luxor Capital Group, a New York-based hedge fund, took control of Ocean in early 2019. Shortly after, Luxor installed a team of experienced Atlantic City casino executives and invested millions of dollars in capital improvements.
From bottom to top tier of AC casinos
Between February 2019 and February 2020, Ocean went from last among AC’s nine casinos to sixth in terms of land-based gambling revenue. By February 2021, Ocean was third in the market behind only Borgata and Hard Rock.
Through the first six months of 2021, Ocean reported $24.9 million in gross operating profits. Two years ago, the casino hotel posted $12.75 million in losses over the same period.
Ocean under new ownership?
Luxor is currently in the process of relinquishing some control of Ocean. Earlier this year, Ilitch Holdings Inc., a Michigan-based company that owns the Little Caesars pizza chain and operates Detroit’s MotorCity Casino Hotel, acquired a stake in Ocean Casino Resort
Luxor and Ilitch struck a deal that would give the latter up to 50% control of Ocean.
Last month, New Jersey gaming regulators approved a management agreement between the two parties.
The NJ Casino Control Commission will vote on Ilitich’s interim casino authorization during Wednesday’s public meeting.
AP Photo/Wayne Parry