New Jersey approves hedge fund to operate Revel casino

New Jersey casino regulators gave final approval to an investment firm to be the largest owner of Revel Casino Hotel.

The state Casino Control Commission on Wednesday agreed to Chatham Asset Management. The hedge fund 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.

But how long any of this lasts is anyone’s guess. Revel is considering selling itself or making a second bankruptcy filing.

Revel opened in April 2012 with great hopes of helping turn around Atlantic City’s struggling casino market.

But it has remained mired near the bottom of the city’s 11 casinos in terms of the amount of money won from gamblers.

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