Atlantic City’s casino industry is thriving right now. The majority of gambling venues in the city are experiencing revenue increases almost every single month. This week, Atlantic City’s Ocean Resort officially hired Terry Glebocki as its new CEO.
It’s a huge move for this casino operator. It’s now one of the few major gambling companies in the US with a woman as its leader. Let’s look at what led to this decision.
Gambling Revenue Continues to Surge in Atlantic City
We’ve reported on the surge in gambling revenue in Atlantic City for years. Throughout almost all of 2019, casinos in this city have seen their earnings increase. Much of this can be attributed to the legalization of sports betting.
New Jersey was instrumental in getting the Supreme Court to strike down PASPA. Almost immediately afterward, lawmakers in this state began allowing sports gambling to take place. Every casino in Atlantic City now operates a land-based and online sportsbook.
The ability to place sports wagers is attracting a huge number of gamblers to Atlantic City. It’s helped to boost casino revenue, too.
Recently, the state’s gambling commission released the quarter-three revenue earnings. Incredibly, gross profit over these three months increased by an astounding 12.5%. The nine casinos in Atlantic City generated $928.9 million over this quarter.
Things aren’t slowing down here. Even during the winter months, Atlantic City is bringing in a huge number of gamblers.
Atlantic City’s Ocean Resort Hires Terry Glebocki as CEO
It’s well-known that the vast majority of leaders in the US casino industry are men. This week, however, Atlantic City’s Ocean Resort officially hired Terry Glebocki as its new CEO. Glebocki has years of experience in the industry and is an exciting new addition to Ocean Resort’s company.
Interestingly, Terry has served in an interim position since August. Initially, it was unclear whether or not she would maintain that position in years to come. It seems that the company enjoys her leadership style and has decided to make Glebocki the official CEO.
The new CEO commented on the news to the media this week.
“I’m so excited about this,” she said. “I like to think that I’m qualified for this job, whether I’m a man or a woman. But I do think I bring a different perspective to things. I like when there’s diversity in the team.”
Over the years, Terry Glebocki has worked for both Tropicana Entertainment and Trump Entertainment Resorts. She also served as CFO of Revel, which Ocean Resort eventually took control of. As a former accountant, Terry feels confident in her ability to control the casino-resort’s finances.
“I’m a detail-oriented person,” she said. “I look just as closely at a $1,000 expenditure as I do at a $1 million expenditure.”
Hope is that the company’s new CEO can help to improve things over the next decade.
Ocean Resort Begins to See Revenue Increases
For months, Atlantic City’s Ocean Resort was one of the lowest-earning gambling venues in Atlantic City. Its location in the North Beach area of the city made it slightly less desirable than other casinos here. Recently, however, Ocean Resort has been generating more revenue than several of its competitors.
This was certainly the case in October. Reports from the NJ Gambling Commission show that Ocean Resort generated $18,427,671 that month. In terms of slot revenue, it was one of the city’s top earners.
It’s fantastic news for this resort, which at one point looked to be on the brink of collapse. Even the casino’s sportsbook is managing to generate impressive revenue figures.
Many are excited to see how Terry Glebocki’s role as CEO affects the casino-resort. Her years of experience in the casino industry should help to make things even better. Perhaps in time, Ocean Resort will be seen as one of the best venues in New Jersey.
Stay tuned for more Atlantic City gambling news over the next few months!