Kevin DeSantis, Revel CEO, Atlantic City, NJ
From Press of A.C. staff reports | Posted: Wednesday, May 26, 2010
With links to complete coverage of the East Coast Gaming Congress
ATLANTIC CITY — The chief executive officer of the $2.5 billion Revel casino hotel said he will be a bidder for the half-finished project following the withdrawal of financial backer Morgan Stanley.
Kevin DeSanctis expressed confidence that the Las Vegas-style megaresort will be completed and fulfill its promise to redefine the slumping Atlantic City market.
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“I’m very optimistic,” DeSanctis told reporters at the East Coast Gaming Congress, an annual casino conference. “I believe we have a great project. I believe we can convince investors they can make a great return.”
DeSanctis plans to recruit new partners to replace Wall Street giant Morgan Stanley, which announced in April it was pulling out after investing $1.2 billion and would sell its stake in Revel. He is also talking to a Chinese bank for $1 billion in financing to complete the construction work.
“I want to be a bidder,” DeSanctis said. “It’s a natural. I’m the most logical person, if you will.”