Once the Atlantic City casinos are given permission to reopen, Glebocki said Ocean plans to move forward with opening 12 floors of its hotel tower that were not occupied last year. The casino has also reduced the amount of outstanding bills owed to it from $22 million to less than $5 million.ĭue in part to those improvements, the commission lowered the amount of cash Ocean will be required to keep on hand, from $32 million to $25 million. That is “the hardest combination to achieve in business,” said Terry Glebocki, Ocean’s CEO.įor the period July 2019 through February 2020 compared with the same period a year earlier, Ocean increased its slot revenue by $41.1 million, up 54% table games revenue increased $6.4 million, up 17% non-gambling revenue increased by $14.6 million, up 19%, and expenses declined by $5.6 million, down 3%. In a presentation to the commission, the casino said it increased revenue while decreasing expenses. WHYY thanks our sponsors - become a WHYY sponsor Long-term, the trajectory is still as positive as it was in February, when it was incredibly positive.” We can debate what will happen when the city opens up. “Our budget for 2020 showed the company covering its expenses and generating free cash flow beyond that. “Before the coronavirus, Ocean was self-sufficient,” he said. Michael Conboy, a partner in the publicity-averse hedge fund, told regulators the company plans to own and operate the casino for at least the next 25 years. Most of all, the casino came to terms with the fact that it is, in fact, a casino, pivoting from the initial strategy Revel’s owners employed in stressing the property as a resort destination that just happened to offer gambling as one of many amenities. It also assembled a new management team with experience in the Atlantic City market, and set out to correct many of the perceived flaws of the property, including a confusing layout of the casino floor, and adding safety panels to the vertigo-inspiring escalators that lifted patrons to the casino floor. 2019, Luxor pumped $70 million into the casino, including $50 million to pay down debt.

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