'We believe the property over a long term can be extremely successful, but it's going to take some time. 'They had one time horizon we had another,' DeSanctis said. The anticipated pace of Revel's recovery played a large part. The moves come less than two weeks before Revel is expected to file a pre-packaged Chapter 11 bankruptcy filing that will wipe out about two-thirds of its $1.5 billion in debt and give lenders a greater equity stake in the resort in return.ĭeSanctis said the decision for him to resign was a mutual one, shared by the company's lenders and board.
His duties will begin once he is approved by New Jersey casino regulators. Taking over the resort's day-to-day operations is Jeffrey Hartmann, a 20-year veteran of the casino, hospitality and leisure industry. There, they will work on developing amenity projects for Revel. The company announced Wednesday that DeSanctis and chief investment officer Michael Garrity will resign from their positions with Revel Atlantic City but retain their jobs with Revel Group, the holding company that developed the resort and licenses its brand. Kevin DeSanctis, the man who guided Atlantic City's Revel casino-hotel through its tortuous development, only to see it struggle in the cutthroat East Coast gambling market, is stepping down as head of the $2.4 billion resort.
