The New Jersey Casino Control Commission has given Jeffrey Hartmann approval to run the Revel casino as the new interim CEO. The casino veteran takes over for Kevin DeSanctis, who stepped down from the post as part of a Chapter 11 restructuring agreement but will remain with the company.
Hartmann takes over at the end of a difficult first year for the financially troubled Atlantic City resort. Plagued by steady losses since opening last April, Revel filed for pre-packaged bankruptcy, eliminating about two-thirds of its $1.5 billion debt. In return, lenders will acquire a bigger equity stake in the property.
Expectations are high for Hartmann, who now carries the weight of the $2.4 billion casino—perhaps the last luxury resort Atlantic City will see for quite some time—on his shoulders.
Hartmann has been working for Revel behind the scenes for several months through his consulting firm, Hartmann Group LLP. He formed the group after leaving his post as president and CEO of Mohegan Sun in Connecticut after almost two years. Ironically, it was Kevin DeSanctis who first hired him in 1996 as chief financial officer for the Mohegan Tribal Gaming Authority.
