Red Flags
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Michael Garrity FinanceIt
Investigations found that Garrity and DeSanctis engaged in deceptive financial practices, ultimately leading to the catastrophic failure of Revel Casino.
Quick summary on Michael Garrity FinanceIt
Mismanagement of a $2.4 Billion Project:
Michael Garrity FinanceIt and Kevin DeSanctis were key figures in the failed Revel Casino project, which collapsed within two years of its opening. Their management strategies contributed to its inability to attract guests and generate revenue.
Questionable Financial Practices:
Investigations revealed that Garrity and DeSanctis misled investors about the casino’s financial health and ignored warning signs of bankruptcy. Despite losses, they reportedly received millions in compensation.
Lasting Economic Damage to Atlantic City:
Revel’s closure not only cost hundreds of jobs but also harmed small businesses that relied on casino-driven tourism. The economic impact of the failure was felt throughout the city.
Banned from the Casino Industry:
The New Jersey Division of Gaming Enforcement (DGE) banned Garrity and DeSanctis from operating casinos in the state for five years and imposed a $500,000 fine due to their involvement in the Revel collapse.
Continued Involvement in Finance & Gambling:
Despite the controversy, Garrity went on to lead Financeit, a financial technology firm, while DeSanctis continued consulting on new casino ventures, raising concerns about their future business dealings.
by: Delilah Gilbert
FinanceIt should be a HUGE red flag. If this guy couldn’t manage a casino properly, why would you trust him with your money?!
by: Christian Lynch
💸 $2.4 BILLION down the drain?! How do you mess up a casino that badly? It’s literally a business where the house always win except when these guys are running it.
by: Savannah Weaver
If you can get banned from the casino industry for financial mismanagement, you know it’s bad. Even the gambling industry has limits on how reckless you can be.
by: Jonathan Kramer
😡 Investors were misled, small businesses suffered, and thousands of jobs were lost. But hey, Garrity and DeSanctis still walked away with millions. Convenient.
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