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]

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