THE MODERN CEO
TERRY GLEBOCKI, CEO OCEAN CASINO RESORT Atlantic City, New Jersey
In just 20 months, new Ocean Casino Resort CEO Theresa (Terry) Glebocki and her team faced challenges with fresh ideas and have earned impressive dividends. Glebocki joined Ocean in February 2019 as Chief Financial Officer (CFO), became interim CEO in August 2019 and was appointed CEO in December 2019. After working as a Certified Public
Accountant (CPA) in the mid-1980s, Glebocki joined the gaming industry to serve in “progressive financial leadership roles” within Atlantic City’s casino industry. Her 30-year gaming resume includes executive positions at Trump Entertainment Resorts, Revel, Tropicana Entertainment and now, Ocean. The 47-storey $2.4 billion Ocean
property, originally called Revel, had a painful six-year history. Revel opened in April 2012, but poor economics and lack of gaming focus plagued the venue. Revel closed in September 2014 after declaring bankruptcy twice. In those four years until Ocean’s June
2018 reopening, the building changed names and ownership twice. Propped up by New York’s Luxor Capital Group LP’s ownership, Ocean’s march towards profitability has coincided with Ocean’s new marketing strategy and New Jersey’s sports betting debut in mid-June 2018. Glebocki’s financial background has influenced her management decisions. She says, “Casinos are big, multi-disciplined businesses, so a CEO with financial roots must understand each segment’s profitability to succeed. “Companies frequently hesitate to hire financial people whose budget cuts may try to ‘save’ their way to profitability. I prefer advocating for creative, effective customer acquisition and loyalty programming.” Many Ocean team members have also spent their careers in Atlantic City. Their wealth of experience enhances their understanding of the market’s competitiveness. Glebocki also values experience in other jurisdictions. She says, “These blended backgrounds
improve our well-rounded perspective of satisfying our guests. Customers are knowledgeable and demand what our experience provides to them…great offers, great service and great value.” As a stand-alone property, there are both advantages and disadvantages. As the
“Casinos are big, multi- disciplined businesses, so a CEO with fi nancial roots must understand each segment’s profi tability to succeed.”
company is only 20 months old, Ocean competes against established brands with access to greater resources and corporate solutions. Glebocki states, “Conversely, our team can quickly adjust and be more agile than the ‘big guys’.” Despite early challenges, the new Ocean
team effectively used social media to solicit direct customer input. This communication brought five major changes within the first 90 days: • Adding signage to ease navigation to the casino floor.
• Installing a new elevator bank to connect the hotel level and casino level.
• Increasing the number of entertainment acts in Ovation hall, plus adding a casino lounge with live bands and a DJ.
• Introducing a new five-level players club with generous marketing offers.
• Expanding dining options with The District food court. Ocean’s rapid profitability also generated consumer and team member confidence. “I called it a top/down-bottom/up approach. We examined every expense and changed the fixed-cost structure while increasing revenues. These changes had to be done simultaneously,” says Glebocki.
Ocean is enjoying its participation in
New Jersey’s booming online and sports betting programs. They initially focused on the brick and mortar casino, but recognize online gaming’s huge potential. Glebocki is committed to capitalizing on that growth potential. New Jersey totaled more than $4 billion on sports betting in 2019, netting more than $111 million in revenues and $13.7 million in taxes. Also, Internet gaming rose by almost 61 per cent from January- November 2019, compared to those 11 months in 2018. State regulators reported just under $433.4 million in revenues. The Ocean team has successfully implemented Glebocki’s “casino guests always come first” philosophy, reversing any holdover negative Revel perceptions. Consumer surveys rewarded Ocean with the #1 spot for best rooms, best comps, best Players Club and best casino Atlantic City in 2019. “I can proudly say we’ve been profitable
for seven months in a row, June through December. Atlantic City remains a resort destination offering great entertainment, beautiful beaches and the famous Boardwalk,” Glebocki says.
MARCH 2020 41
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