Revel AC Appoints Interim CEO
ATLANTIC CITY, N.J—Revel AC Inc. announced that it has appointed Jeffrey Hartmann as Revel AC’s interim chief executive officer. Hartmann is a more than 20-year veteran of the gaming, hospitality, and leisure industries, and possesses a solid understanding of Revel’s business, having worked with the Company on a consultancy basis since the beginning of 2013. READER COMMENTS
Upon regulatory approval of Hartmann’s appointment, Kevin DeSanctis will resign from his position as chief executive officer, president and chairman of the board of the company. Michael Garrity will also resign from his role as the company’s chief investment officer. Hartmann will assume control of the day-to-day operations at the property.
DeSanctis and Garrity will retain their positions as CEO and CIO, respectively, of Revel Group, the holding company which is the developer of the property, and owner and licensor of the Revel brand.
“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,” said DeSanctis. “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 enter into a development agreement with Revel AC to oversee and ensure the successful and timely completion of Revel’s new amenity projects. DeSanctis and Garrity will also provide advice to the management of Revel AC and the board of directors to ensure a transition in day-to-day management of the Atlantic City resort. The licensing agreement between Revel Group and Revel AC will remain in place.
“Revel is truly a unique resort destination, and I am excited to join a team so focused on providing its guests with a signature experience,” commented Hartmann on his appointment. “As we undergo our financial restructuring, which is a transformative step for Revel, I am deeply committed to ensuring that we operate our business as usual and emerge from this process positioned for long-term success.”
Revel AC plans to file a voluntary prepackaged Chapter 11 reorganization in New Jersey on March 22. The process is expected to take approximately 30-60 days and Revel anticipates emerging from Chapter 11 by early summer.