Revel restructuring plan approved

According to a report in the Press of Atlantic City, the commission voted, 3-0, on Friday to allow Chatham Asset Management to obtain a license to oversee the casino’s management and operation. Chatham holds a 22 percent stake in Revel, according to the report

Chatham, which is based in New Jersey, is part of a group that took ownership of Revel after the casino emerged from Chapter 11 bankruptcy in late May. The deal reduced Revel’s debt from about us$1.5 billion to us$272 million.

Revel predicts its net revenue will increase from us$152 million last year to us$256.4 million in 2013, according to the Press. The forecast calls for us$322.8 million in net revenue in 2014 and us$378.9 million in 2015. Revel also predicts it will narrow its operating loss from us$111.1 million in 2012 to us$42.7 million this year, the Press reported.

Revel is not expected to start turning a profit until summer 2014, the company has said.

Chatham portfolio manager Evan Ratner, who testified before the casino commission on Friday, expressed confidence that Revel will hit its financial projections.

“We continue to be very committed to the investment,” Ratner told the commission.