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Executive Shuffle: Revel's DeSanctis Out, Wynn's Poster Quits

By Chuckmonster on Wednesday, 13th March 2013 11:03am
  » filed under Mergers & Acquisitions  comments: 18


Here's a bit of a shocker.... barely two weeks into his post-Marilyn promotion to COO at Wynn, Tim Poster has abruptly left the company. When asked by local journalists, Wynn PR decided not to comment. Poster has been at Wynn since fall 2008, joining the company during the lead up to Encore's premiere.

Meanwhile, in Atlantic City.... After shepherding Revel from idea to disaster to reality to bankruptcy and beyond, Revel CEO Kevin DeSanctis has been shown the door.

Revel's path through the economic collapse has been a tough row to hoe for DeSanctis and that it is even open is a testimonial to his dedication and tenacity. DeSanctis will remain with the company overseeing special projects.

His replacement is former Mohegan Sun CEO Jeffrey Hartmann, who was oustered in a 2012 management shakeup.

Tagged: wynn   tim poster   atlantic city   revel   desanctis   executive shuffle   


Comments & Discussion:

Revel Had a great ceo he did his best to make revel happen but things change so i wish the new ceo the best and i hope he dose the best job for revel. And for Wynn wow jest started and he stepping down good luck Wynn.

The Poster thing is kind of strange. It's not like he was an outsider than came into Wynn and found out "Oh shit, this guy is fucking nuts." Maybe he was working on an outside deal before the promotion and it just took until now to come to fuition. Will be interesting to see where he pops up.

You only have one chance to make a good first impression, and in Revel's case, I think they failed pretty significantly. That said, I do think DeSanctis deserves some credit for navigating Revel through this difficult time, but, at its core, management made some poor decisions from the onset. Most notably, their target audience does not exist in AC's current gambling climate.

As a single example, one of the big selling points to many AC gamblers is the private lounges that premium players can access for free food and drink. Borgata has and continues to have the best in AC; Harrah's also has a good one. Revel, from the beginning, did not realize that this type of gambler essentially requires this amenity. Revel did not cater to this customer from the beginning, and this gambling customer is what drives revenues in AC.

I do hope Revel can change its course.

Yup. He's been there long enough to know what Steve is like and for the organization to know what he's all about. Shouldn't be any surprises... yet... there is. He must've been poached. Genting is the only thing that changed between then and now. Maybe SLS made an offer... you know how Sam loves reality TV darlings.

From those I talked to while on my visit to AC, what happened to DeSanctis was expected. Everyone knows that Revel is stunning, but full of operational issues that need to be resolved quickly before they can ever hope to operate functionally and in a capacity that has more than 7 blackjack tables open on any given day due to the sparsity of the crowd. The new Revel card was one step, but there are serious questions that hopefully someone with more of a gaming pedigree is able to help resolve on the end of making Revel appealing not only to trendy hotel guests but to the average joe and gamers who walk in off the streets which is where half the money can be made.

Their fundamental problem, in my view, was that they went down the route that Cosmopolitan did -- namely, they thought that if they played up the "resort" angle, they could make all their money from F&B while ignoring that whole seedy casino aspect. Except Revel seemed to have ignored the fact that Cosmopolitan is still losing $30 million a quarter; I'm pretty sure the main reason that they're still afloat is because Marquee is the top-grossing nightclub in the country, and they have a solid collection of popular restaurants as well. The Cosmopolitan model is barely working in Las Vegas, and there's just no way Revel could have made it work in Atlantic City, especially without the nightclub and restaurant revenue that Cosmopolitan has.

Did Revel not shun the daytripper busloads from NYC, Philly, Newark, and anywhere else that white haired ladies could mount a big bus? Its been 20 years since I've been to AC, and hopefully I'll never go back, but when I was there last it was all about the day people-they spent more money there in a day than I spent in 3 or 4.

Revel's a stunning place to be in, and with a little more work I think it could be even more so for the average joe wanderign in from the Boardwalk. A few more escalators and elevators to the casino floor would do wonders, along with signing up with some kind of nationa hotel operator. I would like to think Starwood would would be drooling at the idea of gettign Revel into their portfoilio of available properties. Either them or MGM outright.

Anyone that has been to Revel in person knows just how much of a disaster it is: poor interior resort design, ridiculous layout, an anti-gambler philosophy and badly mismanaged amenities, especially what was available Revel Year 1. You wanted Cosmo East (in a good way), you got City Center Jersey (in a worse way then that sounds). There are no F&B anchors, no casinos hosts with the ability to take care of players and definitely no smoking. What a bust. Only AMG is making money there by booking the theatre with, cover your eyes Misnomer, electronic artists and then piggy backing them into HQ Nightclub.

By the time someone rides to the rescue Resort World NY will be celebrating their 3rd anniversary, Harrah's Baltimore will be open and whomever lands Philly will have broken ground forever cementing Atlantic City's future to re-runs of Boardwalk Empire.

Just my theory on Poster, from an outside approach I'm curious if he just floated in the previous position he had and the new position wasn't one he really was cut out for and immediately apparent to all around him.

Two months? Sounds like an old-fashioned, behind-the-scenes power struggle. Is Elaine throwing her weight around?

As for DeSanctis, he must be the world's greatest salesman to get $2 billion in funding for a casino-hotel concept that never had a prayer. I'll give him that.

Poster to Genting / Resorts World makes sense. They do still need a license, after all.

Revel is in bad shape, but they have the foundation to make it work. DoubleD says it right, that from the beginning Revel made mistakes. But no casino is perfect when they open. Look at Aria, a lot of people disliked that place when they opened but they have turned things around. All it's going to take is the right people in place to get the job done.

^^ back seat driving and harshing on Revel is easy. I stayed there a month after opening and I thought the place was gorgeous. strangely vacant, but the hotel was tops, the room service was perfection, the casino was fun and I had a coupla good meals there. no complaints from me.... which is sorta rare.

I've been to Revel around 10 times and stayed overnight once, and I personally don't have any complaints. It's easily the prettiest joint in AC and my favorite because of that and the no smoking policy, but I'm not the people they need. I'm not a serious gambler. I'll drop $100 at the tables, stop at the taco truck, grab a drink, and head home. I can see how somebody that is a smoker and a serious gambler that wants to get rewarded for their play could stay away from the place.

There was talk about Revel adding a buffet, player's lounge, a noodle bar, and I'm sure eventually will add smoking. So they acknowledge their missteps and are fixing them.

^^Chuck, did you eat at Village Whiskey? I don't know why - and we've never met - but I've always envisioned you eating a burger and duck fat fries there :)

I have to agree with Mr. Monster on a few things. The hotel was technically great, fantastic rooms and amenities, and excellent room service. And the building, while sparse by nature (because design for two towers and build one) was decorated and conceived rather well. But where I disagree is all in the gaming and F&B front. I couldn't grab a meal there at all because everything was closed, due fully to the fact that the leases signed don't require them to be open regularly. No crowd, no food. I was stuck eating house food in the cafe or room service.

Additionally, the player service and rewards are crap. Total crap. One night of play at Borgata with no history got me weekend comp nights and nearly $400 in comp dollars. More play at Revel, where I was a guest, got me $60. Call a casino host and they'll spout what the system says. Period.

I would like to comment on The Revel. I went there looking to score some Rhianna tickets. Bought in at blackjack for $6,000, tried to give them some good action $200-1500 a hand, probably averaged $500 a hand for 3 hours. When I went how, I emailed the casino host and told him I would post 30k front money and what could he do for me? He never even answered. When I look in my account I had $53 in comp rewards, Bhahahahahaha. What in God's name is wrong with these people? Are you trying to lose money? Why do you even have a casino? I could run that casino and in one month win 10 million more than the 9 million they are making now. I have never seen such a clueless operation in my life. What a waste of 2.3 billion, and why even build something you have no intention of running properly? By the way I won and I am still bitter.

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