Kevin DeSanctis, the chief executive officer of Atlantic City’s Revel casino resort, has announced he will step down from his post.
DeSanctis, who was instrumental in guiding the resort through its difficult financing and construction phase, will hand over his operations duties to new CEO Jeffrey Hartmann. DeSanctis and chief investment officer Michael Garrity will resign from their current positions but will retain responsibilities with Revel Group, the holding company that developed the casino and holds its license. Both men will now develop amenity projects for the $2.4 billion resort.
A 20-year veteran of the casino, hospitality and leisure industry, Hartmann has worked as a consultant for Revel since the early part of this year through his firm, the Hartmann Group LLP. Before developing his own company, Hartmann was president and CEO of Mohegan Sun in Connecticut from January 2011 to October 2012. He had been with the Mohegan Tribal Gaming Authority since 1996, serving as chief operating officer and chief financial officer before taking over the casino.
The news comes shortly before Revel is scheduled to file for Chapter 11 bankruptcy. The pre-packaged restructuring will see Revel erase about two-thirds of its debt and give lenders a greater equity stake in the resort. Since opening in April 2012, Revel has consistently underperformed, and has twice gone back to lenders for additional capital.