The Chief Executive Officer of Ocean Casino Resort filed her resignation after a two-year tenure during which she managed to turn around the finances of one of the largest casinos in Atlantic City.
The decision of Terry Glebocki to leave the gambling operator reduces the number of female bosses of Atlantic City casinos following an unparalleled wave of female leadership in the sector. About a year ago, four of the fine casinos in the coastal resort city were headed by women, but two of the female CEOs have since left, with Melonie Johnson at the Borgata Casino and Jacqueline Grace at the Tropicana Casino still remaining in their leadership positions.
For the time being, no reason for Ms. Glebocki’s departure has been provided by the casino. The announcement was made at the beginning of the week, and the gambling operator declined to make further comment on the matter.
Terry Glebocki managed to help Ocean Casino Resort, once known as Revel, become profitable again after years of excruciating losses. She joined the operator when the casino was on the brink of bankruptcy but her extensive professional experience in financial management helped her navigate the gambling venue’s course to financial stability. As revealed by the casino in its latest announcement, Ms. Glebocki now leaves the property as a leading casino resort in Atlantic City.
Former Revel Casino Filed for Bankruptcy Twice between 2012 and 2014
At the time when the announcement of Ms. Glebocki’s department was made, it was not revealed who would lead the casino while a CEO replacement is sought. Ms. Glebocki also resigned from her presidential position of the trading association of the Atlantic City casinos, the Casino Association of New Jersey.
Ocean Casino only revealed that the operator was working through the transition and would provide updates on the situation when they become available.
Ms. Glebocki served in the CEO position in an interim capacity for three months before getting officially hired for the job in December 2019. Previously, she served as Chief Financial Officer of the casino.
Her more than 30-year experience in financial management turned out crucial for the gambling operator, as she managed to turn around the casino’s finances. The casino did not manage to come even closer to generating a profit between 2012 and 2014 when it operated under the Revel branding, but filed for bankruptcy twice and ceased operations after a little more than a year and a half in business.
Under Glebocki’s lead, the casino succeeded in reducing its expenses during its casino floor refurbishment and the addition of special amenities targeting high-roller gamblers. In April 2021, it reinvested a further $15 million into the property for further innovations. The efforts of Ms. Glebocki resulted in both gambling and non-gambling revenue increase for Ocean. As the Atlantic City casino property revealed, it managed to generate a gross operating profit of almost $25 million over the first six months of 2021. In comparison, the casino posted an operating loss of $12.4 million in the same period last year.
