October 11, 2021 Casino, Land-Based

Terry Glebocki steps down as CEO of Atlantic City’s Ocean

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Glebocki is credited with turning the casino’s finances around during her two years as CEO.

Terry Glebocki has resigned from her position as chief executive officer of Ocean Casino Resort in Atlantic City.

Glebocki spent nearly three years at Ocean, including the last two as CEO. The casino was on the verge of bankruptcy when she took over, and under her leadership it has steadily rebounded.

Through the first six months of 2021, Ocean posted a gross operating profit of nearly $25m, compared to an operating loss of $12.4m in the same period a year ago, reported the Associated Press.

Ocean officials told the AP that Glebocki is “leaving the property as a leading casino resort.”

Ocean has not said who will succeed Glebocki as CEO.

Early in Glebocki’s tenure, Ocean was acquired by New York hedge fund Luxor Capital Group, which invested more than $70m into the casino over the last year and a half. Ilitch Holdings bought 50% ownership of the casino in April 202.

Ocean includes more than 1,400 hotel rooms, a 160,000 square feet meeting space and a William Hill sportsbook.  

In an interview with Gaming America earlier this year, Glebocki told GA, “Understand the numbers and use them as a tool to grow the business. Don’t be afraid of the numbers. In the end, the numbers never lie.” 

Like many Atlantic City properties, Ocean survived the Covid-19 pandemic by turning to online gaming and sportsbook revenue as significant sources of revenue.

“We had tremendous momentum prior to this crisis, as a property and as a market,” Glebocki told GA. “Businesses are dynamic by nature. They adapt to changing situations to survive. Atlantic City has seen challenging times before and we will continue to adapt to meet the challenges of tomorrow.”

Glebocki’s departure from Ocean reduces the number of Atlantic City female leaders to two – Borgata’s Melonie Johnson and Tropicana’s Jacqueline Grace.

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