Tax bill slashed for bankrupt Revel
Bankrupt Revel AC Inc. reached a deal with Atlantic City that will reduce its quarterly property tax bill due Sunday to $1.88 million from $9.8 million, if the agreement is approved by the judge overseeing the company's Chapter 11 case.
Bankrupt Revel AC Inc. reached a deal with Atlantic City that will reduce its quarterly property tax bill due Sunday to $1.88 million from $9.8 million, if the agreement is approved by the judge overseeing the company's Chapter 11 case.
The agreement valued Revel casino at $225 million. That is far more than the $95.4 million Florida investor Glenn Straub has agreed to pay for the property, but less than half the previous assessment of $625 million from early 2014, before Revel's second bankruptcy filing in June.
Atlantic City Council must also approve the settlement.
- Harold Brubaker