Luxor appoints new CEO and CFO of newly acquired Ocean Resort Casino; property secures major Arena Football League partnership
Luxor Capital Group parted ways with two top executives at Ocean Resort Casino less than a month after it took over the Boardwalk hotel and casino property.
The New York-based hedge fund announced earlier this week that the resort’s CEO Frank Leone and Chief Financial Officer Alan Greenstein were leaving their posts and would be replaced by Eric Matejevich and Terry Glebocki, respectively.
Mr. Matejevich previously served as Chief Operating Officer of the now-shuttered Atlantic Club Casino Hotel. He is stepping in as an interim CEO of Ocean Resort Casino until a permanent replacement is appointed. As for Ms. Glebocki, previously a Chief Financial Officer of Tropicana Atlantic City, she will replace Mr. Greenstein as the new CFO of Ocean Resort Casino.
Luxor said in a statement from earlier this week that as they are moving forward with enhancements at the property the expertise of the newly appointed executives “will be invaluable in continuing [their] momentum.”
As mentioned above, Luxor assumed control over Ocean Resort Casino earlier this month. The resort occupies the building of the former Revel, which closed doors in 2014 after just two and a half years of operation.
Florida developer Glenn Straub purchased the shuttered Revel in the spring of 2015, pitching ambitious plans for its reopening. However, that never happened and the businessman sold the property to Bruce Deifik in January 2018. Mr. Deifik paid $200 million for the closed resort and invested another $200 million into renovating and reopening it in June 2018.
Ocean Resort Casino never really managed to gain the momentum its owner hoped for as its monthly gaming revenue has stayed at or near the bottom of Atlantic City’s nine operational casinos since it opened doors.
News emerged last month that Luxor would take over the struggling property and would invest $70 million to enhance its casino floor, add a buffet and more rooms and suites. The New York hedge fund is currently seeking to obtain a temporary gaming license from New Jersey casino regulators in order to be able to manage the property while its application for a full license is under review.
A specially formed trust will be running Ocean Resort Casino until Luxor secures its temporary license. Mr. Matejevich was named trustee under the divestiture agreement New Jersey gambling regulators approved earlier this month.
In a separate round of news, it became known on Wednesday that Ocean Resort Casino has become the official host hotel of the newly-formed Atlantic City Arena Football League team for the upcoming 2019 season.
The Boardwalk property will host the Atlantic City franchise throughout training camp, which kicks off in April. Ocean Resort Casino will also welcome visiting teams and referees throughout the season.
Fans of the teams will be offered special rates and discounted tickets. The property said in a Wednesday press release announcing the partnership that more information about the discounts will be released at a later point.
Commenting on the latest announcement, Ocean Resort Casino VP of Marketing and Sales Peter Ciccone said that they look forward to “partnering with Atlantic City AFL and assisting in growing both [their] brands.”
The yet-to-be-named team will play its home games at Jim Whelan Boardwalk Hall. Its first game is set for May 4 against Columbus.
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