By HOA NGUYEN Staff Writer
http://www.pressofatlanticcity.com/communities/atlantic-city_pleasantville_brigantine/revel-filings-include-plan-to-use-possible-future-tax-breaks/article_d1862b96-8cde-11e2-b5bf-001a4bcf887a.html
Revel wants to earmark $70 million in possible future state tax breaks to satisfy some of its debts as part of a bankruptcy deal the casino is pursuing, the company said in financial documents filed Thursday.
But the state Economic Development Authority said no taxpayer money is at risk and officials will work to limit any possible exposure.
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As part of the bankruptcy deal, Kevin DeSanctis steps down as chief executive officer of Revel and is replaced by consultant Jeffrey Hartmann in the interim.
DeSanctis and Michael Garrity, who also would step down as chief investment officer, however, will remain working for Revel, according to the SEC filings. The two will assist with Revel’s Chapter 11 case, negotiate and implement online gambling and sportsbook and assist with the completion of a high-limit slot area and players lounge, HQ beach day club, a three-meals-a-day restaurant and noodle bar. They will be paid $5.4 million for their services, according to the filings.