May 31--New Jersey casino regulators today approved a restructuring plan that creates a new holding company for Revel and is a key part of the $2.4 billion megaresort's post-bankruptcy switch to new ownership.

Chatham Asset Management, which holds a 22 percent stake in Revel, will be the new company overseeing the casino's management and operation.

In a 3-0 vote, the state Casino Control Commission gave preliminary approval for Chatham to obtain a license.

Chatham is part of a lender group that took ownership of Revel following the casino's exit from Chapter 11 bankruptcy protection May 21.

The deal reduced Revel's debt from about $1.5 billion to $272 million, giving the financially troubled casino some breathing room as it implements new strategies to boost business and refine its marketing plans.

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