Atlantic City’s Ocean Casino Resort (OCR) has chosen Terry Glebocki its new CEO, making her one of the rare female execs to ever operate a major US gaming venue.
OCR confirmed Glebocki as its new permanent CEO on Tuesday, making OCR the only one of Atlantic City’s nine casinos to be led by a female executive. The Associated Press quotes Glebocki saying that increasing the venue’s revenue and maintaining profitability were her top priorities.
Glebocki, who’d previously had worked some time at both Tropicana Entertainment and Trump Entertainment Resorts, was selected chief financial officer of OCR in February, part of a management reform which followed OCR’s acquisition in January by New York hedge fund Luxor Capital Group.
As informed by Calvinayre.com, Glebocki was named OCR’s acting CEO in August, following the exit of interim CEO Eric Matejevich, who’d substituted the outgoing Frank Leone in February. OCR adopted a “casino first” strategy following that February shuffle, which aimed to focus on serving gamblers before resort-goers, a focus mirrored in a rebranding of the property from Ocean Resort Casino.
The effects of OCR’s new strategy really started to be noticed in August. OCR reported gaming revenue of $24m in August, its best performance since the property relaunched in June 2018 following the multi-year fiasco known as Revel.
Last month OCR continued to amaze market-watchers when it reported a $10.2m profit for the three months ending September 30. That was much less than the $24.4m profit made by AC’s other new market entrant, Hard Rock Atlantic City; however, a damn sight better than the losses OCR had faced since its opening. October marked the resort’s fourth straight month of double-digit revenue growth.
OCR’s profitability probably annoyed Golden Nugget owner Tilman Fertitta, who said in September that AC was “not a nine-casino market” and that “none of the casinos have the cash flow that they did” before OCR and Hard Rock opened their doors.