Saturday, December 29, 2007

Former Sun Exec To Open Next Atlantic City Casino

Feather News


Kevin De Sanctis, who oversaw all pre-opening operational matters for the Mohegan Sun casino while working for Sun International, will open the next casino in Atlantic City.

“Revel” is scheduled to open on the northern tip of the boardwalk during the same season that Mohegan Sun’s next hotel is due to open - almost three years away. De Sanctis is now Revel's president and chief operating officer. The mega-casino is the first in a wave of development expected to take place in Atlantic City over the next five years and is expected to cost $2 billion. The project will include 3,800 hotel rooms and 150,000 square feet of gaming space. Revel is due to be the first casino in Atlantic City to open since the Borgata in 2003.

De Sanctis left Sun International to work for Penn National in February 2001 and was Penn’s president and chief operating officer when they sold their Pocono Downs racetrack to the Mohegan Tribe for about $280 million in January 2005.

Revel’s 20-acre site is “one of the largest, most uniform and contiguous properties in Atlantic City,” according to the company. Goldman Sachs is a partner in the Revel Entertainment development and purchased the prime Atlantic City property late last year for $74 million.

Pinnacle Entertainment, a competitor of the Mohegans in the bidding for a Kansas City casino, is scheduled to open a new Atlantic City casino in 2012. Pinnacle bought the 18-acre Sands Casino Hotel with adjacent beachfront property for $250 million last year from financier Carl Icahn.

The largest of the planned Atlantic City developments is MGM Mirgage's $5 billion mega-casino in the marina district that is scheduled to open five years from now. The MGM project would be the largest investment in Atlantic City's casino history.

Including a fourth development planned by a private investor group led by former Caesars Entertainment Inc. chief executive Wallace R. Barr, all of the new projects will total about $9 billion.