New Jersey casino regulators gave final approval on Wednesday to investment firm Chatham Asset Management to be the largest owner of the Revel Casino Hotel.
According to the Associated Press, the state Casino Control Commission granted approval to Chatham, a hedge fund that is part of a lender group that emerged with an ownership stake in Revel following its bankruptcy last year.
Revel already had one Chapter 11 filing last year, which came less than a year after it opened in April 2012. Chatham was one of the casino's lenders, and emerged with a 22 percent ownership stake in Revel following the bankruptcy and later purchased an addition 6 percent. Chatham currently owns 28 percent of Revel.
Revel is considering selling itself or making a second bankruptcy filing, so who knows how long this will last.
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