Ocean Casino Resort in Atlantic City has quickly become one of the most popular gambling venues in the city. Interestingly, the property’s CEO, Terry Gebocki has recently been removed from her role. More details on Terry Glebocki’s resignation are now beginning to surface.
Many have been surprised to see Glebocki removed as CEO. She is widely credited with helping to turn Ocean Casino around at a time when it struggled to bring in revenue.
Here’s a look at why this change in leadership has been ordered.
Terry Glebocki’s Resignation Has Been Confirmed
Atlantic City is home to many of the biggest and best casinos in the United States. Back in 2012, a new venue called Ocean Casino-Resort opened its doors in the city. This property, located in the northern area of the Atlantic City Boardwalk, initially struggled to bring in players and its revenue figures remained low.
This venue’s ownership changed hands several times over the past decade. While on the brink of bankruptcy in 2019, Terry Glebocki took over as CEO. Her decades of experience in the gaming industry came in handy, as she immediately helped this casino to turn things around.
Interestingly, Terry Glebocki’s resignation has been confirmed. The casino did not give an official reason for her departure. Instead, they released a statement discussing the impact Terry had on the venue during her years as CEO.
“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… We are working through this transition and will provide updates as they become available.”
It’s unclear who exactly will take over as CEO of this casino. Hope is that it’s another qualified individual that can continue to increase Ocean Casino’s visitation and revenue figures. Stay tuned for updates!
New Jersey’s Sports Betting Industry Continues to Impress
The state of New Jersey is largely responsible for helping to grow the US sports betting industry. Lawmakers here helped to pressure the US Supreme Court to finally remove PASPA in 2018. Shortly afterward, New Jersey formally launched its regulated sports betting options.
This industry has grown considerably since that time. New Jersey is now home to the largest sports betting industry in the entire United States. The sports gambling operators here have been setting new records throughout the entire year.
This past August, the state’s sports betting revenue figures actually dropped by 5%. Interestingly, the state’s handle grew by 15%. The Meadowlands Sportsbook, operated by FanDuel, managed to bring in the most revenue at $26.9 million.
Fortunately, September is expected to bring about a major turnaround. The start of the 2021/2022 NFL season has already resulted in a massive surge of revenue around the country. Tens of millions of football wagers have already been made in New Jersey and September’s revenue figures are expected to break all-time records.
Casino revenue is expected to continue to increase here over the next few months, as well. We’ll be sure to continue reporting on revenue figures in this city as the year goes on.
Las Vegas Casinos Continue to Change Ownership Hands
Atlantic City has been working hard to improve its casino industry in recent years. Not long ago, the city’s entire gambling industry seemed to be on the brink of collapse. The pandemic put some major strain on this industry once again, yet things turned around in 2021.
There is still no doubt that Las Vegas remains the biggest and most profitable casino hub in the United States. Like Atlantic City, this city has experienced a major comeback throughout 2021. Some major changes have been taking place here in recent months.
MGM Resorts International broke the news that it had agreed to purchase The Cosmopolitan for more than $1 billion. The company’s CEO, Bill Hornbuckle, also expressed support for Nevada to legalize online casinos soon. That is a major change from the company’s stance just a few years ago.
Reports also surfaced claiming a proposed casino next to the Las Vegas airport has gained further approval. This property is currently planned to open in 2024. Several government employees are raising concerns about the danger it poses to the airport, though.
What do you think about Terry Glebocki’s resignation? How do you think Atlantic City will fare in the coming years? Let us know in the comments section below.