ATLANTIC CITY, New Jersey -- (PRESS RELEASE) -- Revel AC Inc. announced today that it has appointed Jeffrey Hartmann as Revel AC’s Interim Chief Executive Officer, subject to regulatory approval. Mr. 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.
Upon regulatory approval of Mr. 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. At such time Mr. Hartmann will assume control of the day-to-day operations at the Property.
Mr. DeSanctis and Mr. 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. Revel Group will no longer be affiliated with the Company upon the conclusion of the voluntary prepackaged Chapter 11 cases.
“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,” Mr. DeSanctis stated. “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.”
The Board of Directors commented, “We are pleased to welcome Jeff to the Interim CEO role at Revel AC. Given his background and prior experience working with Revel’s senior executives, he was a natural choice for the role and will provide continuity in Revel’s operations.”
“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 Mr. 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 Group will enter into a development agreement with the Company to oversee and ensure the successful and timely completion of Revel’s new amenity projects. Mr. DeSanctis and Mr. Garrity will also provide advice to the management of Revel AC and the Board of Directors to ensure a seamless transition in day-to-day management of the Atlantic City resort. The licensing agreement between Revel Group whereby the Revel name is licensed to the Company will also remain in place.
The Board of Directors commented, “We thank Kevin and Michael for their work in the development of our award-winning resort and support their decision to turn their full attention towards completing the various new development projects. We look forward to a continued, strong working relationship as they support Revel AC in an advisory capacity.”
Revel AC plans to file a voluntary prepackaged Chapter 11 reorganization in New Jersey on or about March 22, 2013. The process is expected to take approximately 30-60 days and Revel anticipates emerging from Chapter 11 by early summer.
> Latest Headlines
The stories that are the news.
> Daily News
In depth coverage of the news that
affects the gaming enthusiast.
> Featured Articles
Articles by RGT's featured writers.
> Vegas News
Tales from Sin City.
> Investor News
Press releases and Investor info.
> Casino City's Online Poker Directory
The web's most comprehensive online
> Advanced Search
Check our archives for past articles.