Hedge Fund Approved To Own Atlantic City Casino

Feb 14 2014 | 9:22am ET

New Jersey's gambling regulator has signed off on Chatham Asset Management as the largest shareholder of a troubled Atlantic City casino.

Chatham emerged with a 22% stake when the Revel exited bankruptcy last year. The casino declared bankruptcy in 2013, just 10 months after opening.

Chatham has since boosted its stake to 28%, and won final approval as a casino owner from the New Jersey Casino Control Commission this week. It had won temporary permission in May.

It is not clear how long Chatham will hold the Revel stake. Evan Ratner, a principal at the firm, said at the commission hearing that the hedge fund is pursuing "strategic options," meaning that the Revel could be sold or file for bankruptcy once again.

Ratner left the hearing before its conclusion.

Revel opened in April 2012 and is Atlantic City's newest gambling house—and one of its largest, with nearly 1,400 hotel rooms in New Jersey's second-tallest building. But it has failed to attract patrons, and remains one of Atlantic City's lowest-ranked casinos in terms of gambling revenue.


In Depth

Q&A: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Griffin Selling Chicago Apartment

Nov 26 2014 | 11:40am ET

Citadel Investment Group’s Kenneth Griffin is making clear to his estranged wife...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.