Revel is replacing its chief executive officer as the struggling casino resort prepares for a Chapter 11 bankruptcy filing.
Atlantic City's newest casino says CEO Kevin DeSanctis and chief investment officer Michael Garrity are resigning, but will retain positions with Revel Group, a holding company that developed the property. They plan to work on completing new amenity projects for the resort.
Taking over day-to-day operations of the $2.4 billion casino hotel is Jeffrey Hartmann, a 20-year veteran of the casino, hospitality and leisure industries.
"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 statement. "Revel's resort is the marquee asset in the Northeast and with a right-sized balance sheet and under Jeff's stewardship, I am confident that Revel is poised for success. I look forward to concentrating my efforts on Revel AC's many exciting development projects, in addition to expanding the Revel Group brand."
Revel Group will no longer be associated with the company after the Chapter 11 filing, which is expected on March 22.
Revel opened last April, but has languished near the bottom of Atlantic City's 12 casinos in terms of gambling revenue.