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.

Revel Atlantic City (Matthew White, Townsquare Media)

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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