A settlement was made between Atlantic City and Revel casino resulting in a
substantial tax break for the former casino.
The tax assessment on the property has been reduced to $225 million from $625
million in 2015.
On Wednesday, Revel submitted paperwork to the bankruptcy court. The documents
showed that $10 million would have been paid for quarterly taxes before the
agreement. Now the payment owed is $2 million. The payment is due on Sunday.
Revel Casino was in operation for slightly over two years. It cost $2.4 million
to complete. However the casino was never to earn a profit.
The casino has been sold for $95.4 million to a developer from Florida. February
7 is when the sale is set to be finalized.
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