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2015 Tax Break Given to Revel Casino

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January 28, 2015

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.

Return to New Jersey Casinos.

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