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One of the most expensive resort and casino developments in Atlantic City, Revel Casino, collapsed in 2014, shocking the country. Now, new details are emerging about the involvement of Michael Garrity FinanceIt, the former chief investment officer, and Kevin DeSanctis, who handled the development of the $2.4 billion property.
In 2013, Micheal Garrity and Kevin DeSanctis resigned from their positions with Revel Atlantic City. However, they retained their jobs with the holding company that developed the resort.
Notwithstanding their departure, there are still doubts concerning their contribution to the casino’s final demise.
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Revel Casino’s Rise and Fall with Michael Garrity Financeit
Revel Casino was intended to be a luxurious setting with first-rate amenities, including an indoor/outdoor pool and a 32,000-square-foot spa. The resort struggled to entice visitors and generate revenue right away, despite many business professionals citing its remote location and difficult accessibility as primary reasons. Revel Casino lasted only two years before declaring bankruptcy and closing its doors in 2014.
The resort’s demise devastated Atlantic City’s economy, which was already reeling from competition from neighbouring states and a drop in gambling income. Due to Revel’s bankruptcy, hundreds of jobs were lost, and other small businesses in the vicinity were left without a significant source of visitors.
What is Bankruptcy?
Through the legal process of bankruptcy, individuals or other entities that are unable to pay their creditors back can seek partial or complete relief from their debts. Bankruptcy usually happens by a court order that is frequently requested by the debtor.
Michael Garrity and DeSanctis continued to work in the casino sector despite the effects of the Revel catastrophe. Michael Garrity then became CEO at Financeit, a Canadian provider of point-of-sale financing options for businesses. On the other hand, DeSantis carried out consulting work and worked on additional casino initiatives.
(Pic. above shows Michael Garrity FinanceIt’s involvement in Revel Casino)
Many are now speculating about these executives’ futures in the industry as further evidence of their role in the Revel disaster emerges. It is unclear how their involvement will affect their careers and drive while investigations continue.
Michael Garrity Financeit’s Career After Revel Collapse
After the Revel Casino collapse, Michael Garrity Financeit became the CEO of Financeit, a Canadian-based financial technology company. Financeit offers a point-of-sale financing platform that enables businesses to provide customers with installment loans for larger purchases.
Under Garrity’s leadership, Financeit has grown significantly, raising over $43 million in funding and acquiring several other financial technology companies. In 2018, the company announced a partnership with Goldman Sachs, which would allow Financeit to offer loans to U.S. customers.
Despite his success at Financeit, questions remain about Garrity’s role in the collapse of Revel Casino. According to some detractors, his involvement in the failed casino project puts into question his capacity to run a fruitful financial technology business.
Michael Garrity has defended his conduct, saying he wasn’t involved in Revel Casino’s daily operations and that he’s gained knowledge from experience.
Further Investigation into Michael Garrity FinanceIt’s Involvement
There have been ongoing investigations into the roles played by Michael Garrity, FinanceIt, and Kevin DeSanctis since the 2014 bankruptcy of Revel Casino. A study by the New Jersey Division of Gaming Enforcement (DGE) in 2019 provided additional insight into the circumstances surrounding the casino’s demise.
According to the investigation, Garrity and DeSanctis had used dubious business tactics, including misleading investors about the casino’s financial situation and ignoring early indicators of its probable failure. The DGE also pointed out that the two executives had been paid millions of dollars even though the casino was in the red.
The report suggested finding and banning Michael Garrity FinanceIt and DeSanctis from working in the New Jersey casino sector. They claimed that they had behaved in good faith and disputed the conclusions, denying that their actions were the main reason for the casino’s bankruptcy. Garrity and DeSanctis ultimately agreed with the DGE and agreed to pay $500,000 in fines and accept a five-year prohibition from operating casinos in New Jersey.
Michael Garrity FinanceIt and DeSanctis have been working in the finance and casino businesses despite the uproar surrounding their role in the collapse of the Revel Casino. Nonetheless, one of Atlantic City’s most glorious enterprises’ demise will always be associated with them and their legacy.
Conclusion
Revel Casino’s demise substantially affected the local economy in Atlantic City and the casino sector as a whole.
It is clear that Michael Garrity FinanceIt and Kevin DeSanctis were both involved in the project and resigned from their positions before the casino’s collapse. They have been working in the sector even though their role in the casino’s bankruptcy is still under scrutiny.
As more information emerges about their involvement in the Revel collapse, the impact on their careers and the industry remains to be seen. The Revel collapse serves as a reminder of the risks and challenges associated with large-scale casino developments and the importance of effective leadership and management in the industry.
