Would cut casino's tax bill by USD 7 M
Revel’s Atlantic City tax deal approved
2015-01-02
Reading time 39 seg
(US) - U.S. Bankruptcy Judge Gloria Burns in Camden, New Jersey approved a USD 26 M settlement between Atlantic City and the Revel Casino Hotel. She indicated that she would approve a request to increase the size of Revel's bankruptcy loan from Wells Fargo to USD 61 M to pay for the tax settlement.
The deal will provide much-needed cash for New Jersey's struggling gambling hub and a tax cut for the shuttered gambling complex.
"It gets cash in the door by year-end," said John Cunningham, Revel's attorney, during the hearing that was conducted by conference call.
The settlement cut Revel's tax bill by USD 7 million, and in return the casino agreed to drop its legal fight to reduce its property taxes.
The defunct casino, which closed in September, owed the city approximately $33 million in taxes, interest and penalties. Tax collectors failed to garner any bids at an auction of the casino's tax debt earlier in December, setting the stage for negotiations to reduce the casino's tax bill.
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