Sunday, 25 September 2016
Last updated 1 day ago
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.