Bankrupt Casino to Undergo Restructuring

New Jersey casino regulators have approved a restructuring plan that creates a new holding company for Revel, a key part of the $2.4 billion resort's post-bankruptcy switch to new ownership.

The Press of Atlantic City reports the state Casino Control Commission gave preliminary approval Friday for Chatham Asset Management to obtain a license.

The New Jersey-based company, which holds a 22 percent stake in Revel, is part of a lender group that took ownership of the casino following its recent exit from Chapter 11 protection. The deal reduced Revel's debt from about $1.5 billion to $272 million.

Revel has 1,399 hotel rooms, and a casino with more than 2,400 slot machines and 130 table games.

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Copyright AP - Associated Press
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