CEO of Atlantic City’s Ocean Casino resigns

ATLANTIC CITY, N.J. — The CEO of Ocean Casino Resort has resigned after turning around the finances of one of Atlantic City’s larger casinos during her two-year tenure.

The casino did not give a reason for Terry Glebocki’s departure, which was announced to staff Monday morning, and it declined further comment.

Glebocki’s exit reduces 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 led by women, but two have since left.

Glebocki helped Ocean, the casino formerly known as Revel, return to profitability after it lost money for years.

“Glebocki has three decades of financial management experience, which navigated Ocean’s course to financial stability,” the casino said in a statement. “Terry joined Ocean on the brink of bankruptcy, and is leaving the property as a leading casino resort in Atlantic City.”

The casino is owned by New York hedge fund Luxor Capital Group.

It was not immediately clear who would lead the casino while a new CEO is sought, and it also could not immediately be determined whether Glebocki would continue in her role as president of the Casino Association of New Jersey, the Atlantic City casinos’ trade association. The association did not immediately respond to a message seeking comment Monday.

Ocean would only say that “we are working through this transition and will provide updates as they become available.”

Glebocki was hired as CEO in December 2019 after serving in the job in an interim capacity for three months. She previously served as the casino’s chief financial officer, and had more than 30 years of financial management experience when she assumed the top job at Ocean.

She was credited with turning around the casino’s finances. When it operated as Revel from 2012 to 2014, the casino never came close to turning a profit, filed for bankruptcy twice and shut down after little more than a year and a half of operation.