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Revel CEO steps away from gaming floor, will stay on with holding company

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Kevin DeSanctis, who successfully opened the Revel casino in Atlantic City after years of delays, is stepping down amid an awaited bankruptcy filing by the $2.4 billion destination resort.

Kevin DeSanctis

In an announcement, Revel said DeSanctis will stay on with Revel Group, the holding company that developed the casino, in a role that will allow him to work on new amenity projects for the resort. Michael Garrity, Revel's chief investment officer, also will resign from his casino duties, but will stay on with Revel Group.

According to the company, Jeffrey Hartmann will assume the day-to-day responsibilities of running the casino, pending approval by New Jersey regulators. 

The news was first announced earlier this afternoon by The Associated Press.

Revel announced in late February it would file for bankruptcy in a bid to wipe out roughly two-thirds of its debt load. There were very high hopes for the casino when it unofficially opened at the end of March 2012, but they were never realized; the casino's gaming revenue was consistently near the bottom of Atlantic City's 12 gaming halls, and its fortunes took a pronounced dip after Hurricane Sandy struck.

Write to the Editorial Department at editorial@njbiz.com

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