By HOA NGUYEN, Staff Writer – The Press of Atlantic City
Revel has replaced Kevin DeSanctis with the former head of Mohegan Sun, who takes over the reins as interim chief executive officer, officials announced Wednesday.
Jeffrey Hartmann, who resigned from the Connecticut casino last October, will take over day-to-day operations subject to regulatory approval, officials said.
The management shakeup comes as the low-performing $2.4 billion casino prepares to file a prepackaged bankruptcy case, swapping more than $1 billion of loans held by creditors for an equity stake in Revel. The casino said that the chapter 11 case is expected to be filed on or about March 22 and concluded by early summer.
“Having worked with Jeff for many years, I have no doubt he is the right person to lead Revel AC through the restructuring process and oversee day-to-day operations,” DeSanctis said in a press release.
“Revel’s resort is the marquee asset in the Northeast and with a right-sized balance sheet and under Jeffs stewardship, I am confident that Revel is poised for success.”
Michael Garrity, the company’s chief investment officer, also will step down from his position at Revel.
DeSanctis and Garrity will retain control of Revel Group, a holding company that still owns the Revel brand, and will continue to license its use in the casino, but the business will no longer be affiliated with Revel once the chapter 11 case has been concluded. Revel Group also will still do work for the casino on “amenity projects,” officials said.
Hartmann, a graduate of Rutgers University, brings 20 years of industry experience, most recently serving as head of The Hartmann Group, which consults for the gaming, hospitality and leisure industries.
He was president and chief executive officer of Mohegan Sun from January 2011 to last October. He also served a chief financial officer and chief operating officer of the Mohegan Tribal Gaming Authority and serves as chief financial
officer of the professional women’s basketball franchise, Connecticut Sun, which also is owned and operated by Mohegan Sun. Prior to Mohegan Sun, Hartmann was vice president of finance at Foxwoods from 1991 to 1996.
“Revel is truly a unique resort destination,” Hartmann said in a statement. “I am deeply committed to ensuring that we operate our business as usual and emerge from this process positioned for long-term success.”