"I intend to pursue gaming industry opportunities through Revel Entertainment," he said in a statement. Establishing Revel, he said, would allow him to "invest directly as a principal shareholder," and use his experience in managing and developing gaming properties. He has been with Penn National for five years.

During the company's conference call, both DeSanctis and Peter Carlino, chairman and CEO, said DeSanctis' departure was an amicable, mutual agreement and promised a seamless transition. The company has retained Heidrick & Struggles to aid in identifying a successor. In response to an analyst's question about non-compete restrictions, Carlino said, "We haven't signed off on any final agreement. I don't foresee any restrictions. There may be some."

Meanwhile, the company's quarterly performance hit all-time highs by every measure. Propelled by gains at four of the five former Argosy properties and five of the company's other six casinos, net income soared 252% to $42.7 million, and earnings rose 97% to $155.1 million, compared with the same quarter a year ago. Earnings at a temporary slots facility in Bangor, ME, were up 27% over first-quarter 2006 earnings.