Terry glebocki resigns from his position as CEO of Ocean Casino Resort, according to Atlantic City casino.
Glebocki led Ocean’s turnaround from a scourge operation to one of the city’s top performers. The longtime CFO had been the casino’s CEO since 2019.
The unexpected resignation of Glebocki
No reason was given for his departure.
“Glebocki has three decades of experience in financial management, which has put Ocean on the path to financial stability,” the casino said in a statement Monday. “Terry has joined Ocean on the verge of bankruptcy and is leaving the property as a premier resort in Atlantic City.
Glebocki also resigned from his post as chairman of the New Jersey Casino Association, the lobbying and industry relations group.
Ocean did not indicate who would take on the CEO role.
“We are working on this transition and will provide updates as they become available,” the casino said.
Glebocki was appointed CEO of Ocean in December 2019 after serving in an interim capacity for several months.
The Boardwalk Casino formerly known as To delight (2012-2014) has been in financial difficulty since it reopened in June 2018 under the name Ocean.
Luxor Capital Group, a new Yorkhedge fund, took control of Ocean in early 2019. Soon after, Luxor put together a team of experienced Atlantic City casino executives and invested millions of dollars in capital improvement.
From bottom to top of AC casinos
Between February 2019 and February 2020, Ocean went from the last of AC’s nine casinos to sixth in terms of land-based gambling revenue. In February 2021, Ocean was third in the market behind only Borgata and Hard rock.
In the first six months of 2021, Ocean reported $ 24.9 million in gross operating profit. Two years ago, the hotel-casino posted 12.75 million dollars in losses over the same period.
Ocean under a new owner?
Luxor is currently relinquishing part of the 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, took a stake in Ocean Casino Resort
Luxor and Ilitch reached an agreement that would give the latter up to 50% control over Ocean.
Last month, New Jersey gaming regulators approved a management agreement between the two parties.
The NJ Casino Control Commission will vote on the provisional authorization of the Ilitich casino at the public meeting on Wednesday.
AP Photo / Wayne Parry