- 13 Feb 2014 at 1:25 PM
Given everything else that’s gone wrong with Atlantic City’s flashy, unpopular new gambling paradise—and everything else that’s gone wrong in New Jersey recently—why shouldn’t a hedge fund that invests some of the Garden State’s pension cash own a casino?
The state Casino Control Commission granted final approval to Chatham Asset Management, a hedge fund that is part of a lender group that emerged with an ownership stake in Revel following its bankruptcy last year. Chatham owns 28 percent of Revel….
During a brief hearing before the commission, Evan Ratner, a principal of Chatham, did not discuss the company’s future plans. It said last year it is pursuing “strategic options,” which is code in the industry for looking at a sale or a bankruptcy filing.
Revel already had one Chapter 11 filing last year, which came less than a year after it opened. Chatham was one of the casino’s lenders, and emerged with a 22 percent ownership stake in Revel following the bankruptcy.
New Revel owners OKd by NJ casino regulators [AP via NJ.com]
- Every Sexual Harassment Allegation Against Fired Female HSBC Exec Is Worse Than The Last
- De Blasio To Dimon: F*ck You And F*ck Your Tax Breaks
- Opening Bell: 10.22.14
- New York Fed Was Told To Look Into London Whale Office In 2009, Decided To Take Long Lunch Instead
- World's Greatest (Ex-) Banker Daughter Ties The Knot
- John Paulson’s Solution To Shire Problem Probably Not Sitting Well With Bill Ackman
- Bar Mitzvah Boy Tim Sykes Resurfaces On Below Deck, Gives Crew Stock Tips
- Mathew Martoma Still Going To Jail
- Bob Diamond's Daughter Releases Statement Re: Father's Firing
- Local Man Certain The SEC Not Allowed To Do Something It Very Clearly Is Allowed To Do
- Executive Editor
- Bess Levin
How Can We Help You?
- Send tips to:
- For tech issues email:
- For advertising or events email:
- For research or custom solutions email:
- Dealbreaker is published by Breaking Media.
For a full list of our sites, services and staff visit breakingmedia.com