By WAYNE PARRY, Associated Press
ATLANTIC CITY, NJ (AP) – The CEO of Ocean Casino Resort has resigned after turning around the finances of one of Atlantic City’s largest casinos during his two-year tenure.
The casino has not given a reason for the departure of Terry Glebocki, which was announced to staff Monday morning, and he declined to comment further.
Glebocki’s exit slashes the number of female casino bosses after an unprecedented wave of female leadership. Just over a year ago, four of the city’s nine casinos were run by women, but two have since left.
Glebocki has helped Ocean, the casino formerly known as Revel, return to profitability after losing money for years.
âGlebocki has three decades of experience in financial management, which has led Ocean towards financial stability,â the casino said in a statement. “Terry has joined Ocean on the verge of bankruptcy and is leaving the property as a premier casino resort in Atlantic City.”
The casino is owned by New York hedge fund Luxor Capital Group.
It was not immediately clear who would run the casino while a new CEO was sought, nor was it immediately possible to determine whether Glebocki would continue in her role as president of the Casino Association of New Jersey, l professional association of Atlantic City casinos. The association did not immediately respond to a message seeking comment on Monday.
Ocean would only say that “we are working on this transition and will provide updates as they become available.”
Glebocki was hired as CEO in December 2019 after serving on an interim basis for three months. Previously, she was the casino’s CFO and had over 30 years of financial management experience when she held the most senior position at Ocean.
She was credited with straightening the casino’s finances. When it operated as Revel from 2012 to 2014, the casino never failed to make a profit, filed two bankruptcies and closed after just over a year and a half of operation.
But under Glebocki, the casino cut back on spending while doing renovations to the casino floor and adding amenities for high-end gamers, which helped boost revenue from gaming and other sources. In April, he reinvested $ 15 million in the property, including interior work, as well as renovations to the pools, cabanas and its waterfront.
For the first six months of this year, Ocean posted gross operating income of nearly $ 25 million, compared to an operating loss of $ 12.4 million for the same period a year ago.
In addition to Glebocki, Karie Hall, the former senior vice president and general manager of Bally’s, was replaced by a man after the casino was sold last year.
Jacqueline Grace at the Tropicana and Melonie Johnson at the Borgata remain in their posts at the top of their respective casinos.
Glebocki started his career in accounting. His casino jobs included internal audit at Bally’s, as vice president of finance for Trump Entertainment and chief financial officer for Trump Plaza, and corporate chief financial officer for Tropicana Entertainment.
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