Ocean Casino Resort has appointed an interim chief executive after getting the go-ahead from state gaming regulators earlier this week.
Bill Callahan began his tenure as interim CEO on Tuesday following approval from the New Jersey Division of Gaming Enforcement, the Atlantic City casino said in a statement.
Callahan previously served as an executive vice president and senior vice president at Ocean. He began working at the property in August 2020. Before that, he spent 17 years at Borgata Hotel Casino & Spa.
Neither Ocean nor its owner, New York hedge fund Luxor Capital, would comment.
Callahan fills the vacancy left by former Ocean CEO Terry Glebocki, who resigned in October.
Glebocki left her position the same week state regulators approved a new ownership partner at Ocean. However, regulators set conditions of ICA approval with one of them being quickly appointing a CEO or comparable executive.
Ocean Casino Resort rides the AC wave
Callahan will oversee a property that has risen to the top tier of the Atlantic City casino market.
Ocean’s $221.7 million in year-to-date land-based gambling revenue only trails Borgata ($441.7 million) and Hard Rock Hotel & Casino Atlantic City ($320.8 million).
Those three operators account for nearly 52% of all land-based gaming revenue reported by Atlantic City’s nine casinos in 2021.
In 2021, Ocean has reported $24.9 million in gross operating profit. From the time the casino formerly known as Revel reopened as Ocean in June 2018 through the end of 2020, the property’s reported GOP was $7.741 million.
Exodus to Ocean
According to the Associated Press, Callahan was one of several Borgata executives who left the market-leading casino to work for Ocean.
Those departures caused Borgata to sue in 2020, claiming Ocean was poaching key executives and stealing trade secrets.
However, Borgata dropped that lawsuit in May after a settlement that both sides described as “amicable,” the AP reports.
Rolling in ‘Pizza, Pizza’ dough in Atlantic City
In October, the N.J. Casino Control Commission approved a deal allowing Luxor to sell up to half of Ocean to Ilitch Holdings for $175 million.
Detroit-based Ilitch owns Motor City Casino, Little Caesars, the Detroit Red Wings and Detroit Tigers.
AP Photo/Wayne Parry