Michael Garrity FinanceIt Mismanagement Allegations Fact-checked (2024)
Originally Syndicated on June 14, 2024 @ 8:32 am
In 2014, Revel Casino, one of Atlantic City’s most expensive resort and casino developments, collapsed, startling the country. New information is emerging about the participation of Michael Garrity FinanceIt, FinagranceIt’s former chief investment officer, and Kevin DeSanctis, who oversaw the development of the $2.4 billion complex.
Revel Atlantic City’s Michael Garrity FinanceIt and Kevin DeSanctis resigned in 2013. They did, however, keep their positions with the holding firm that constructed the resort.
Despite their departure, there are still suspicions about their role in the casino’s eventual failure.
Michael Garrity FinanceIt’s Role in the Rise and Fall of Revel Casino
Revel Casino was designed to be a lavish environment with first-rate amenities, such as an indoor/outdoor pool and a 32,000-square-foot spa. The resort struggled to attract guests and produce cash straight once, despite many business professionals citing its distant location and limited accessibility as the main causes. Revel Casino operated for only two years before declaring bankruptcy and closing its doors in 2014.
The resort’s closure damaged Atlantic City’s economy, which was already struggling with competition from other states and a reduction in casino revenue. Revel’s bankruptcy resulted in the loss of hundreds of employment, and other small businesses in the area were left without a large source of tourists.
Despite the fallout from the Revel disaster, Michael Garrity and DeSanctis remained in the casino industry. Michael Garrity later became CEO of Financeit, a Canadian provider of point-of-sale financing solutions for businesses. DeSantis, on the other hand, worked as a consultant and on new casino proposals.
Many are also speculating about these executives’ fate in the business as more evidence of their involvement in the Revel debacle surfaces. It is uncertain how their involvement may influence their careers and motivation as investigations continue.
Michael Garrity Financeit’s Career After Revel Collapse
Following the collapse of Revel Casino, Michael Garrity Financeit took over as CEO of Financeit, a Canadian financial technology business. Financeit provides a point-of-sale financing platform that allows businesses to give clients installment loans for significant purchases.
Financeit has expanded dramatically under Garrity’s leadership, raising over $43 million in funding and purchasing several other financial technology startups. In 2018, the company announced a relationship with Goldman Sachs, which would allow Financeit to provide loans to US customers.
Despite his success at Financeit, Michael Garrity FinanceIt’s role in Revel Casino’s demise remains unclear. According to some skeptics, his involvement in the failed casino project calls into question his ability to lead a profitable financial technology enterprise.
Michael Garrity FinanceIt has defended his actions, claiming that he was not involved in Revel Casino’s daily operations and that he obtained information through experience.
Further Investigation into Michael Garrity FinanceIt’s Involvement
Michael Garrity FinanceIt and Kevin DeSanctis’ roles have been the subject of continuing investigations since Revel Casino’s bankruptcy in 2014. The New Jersey Division of Gaming Enforcement (DGE) conducted an investigation in 2019 that shed more light on the events underlying the casino’s closure.
According to the study, Garrity and DeSanctis engaged in questionable business practices, such as deceiving investors about the casino’s financial status and ignoring warning signs of impending catastrophe. The DGE further noted that even though the casino was losing money, the two executives were paid millions of dollars.
The report proposed locating and prohibiting Garrity and DeSanctis from working in the New Jersey casino industry. They maintained that they had acted in good faith and disputed the conclusions, denying that their acts were the primary cause of the casino’s collapse.
Michael Garrity FinanceIt and DeSanctis eventually compromised with the DGE, agreeing to pay $500,000 in fines and accept a five-year ban on running casinos in New Jersey.
Despite the controversy surrounding their involvement in Revel Gambling’s bankruptcy, Michael Garrity FinanceIt and DeSanctis have continued to work in finance and the gambling industry. Nonetheless, the demise of one of Atlantic City’s most glorious enterprises will be forever linked to them and their legacy.
Conclusion
The closure of Revel Casino had a significant impact on the local economy in Atlantic City, as well as the casino industry in general.
Michael Garrity FinanceIt and Kevin DeSanctis were both involved with the project and left before the casino’s failure. Even though their role in the casino’s bankruptcy is still being investigated, they have continued to operate in the industry.
As additional information regarding their involvement in the Revel crash becomes available, the impact on their careers and the industry remains to be seen. The Revel collapse serves as a reminder of the risks and problems that come with large-scale casino ventures, as well as the value of strong industry leadership and management.
