Former Revel casino gets big tax break for 2015
The former Revel casino is getting a big tax break this year under a settlement it reached with Atlantic City.
The casino’s property tax assessment for 2015 is being reduced from $625 million to $225 million.
Documents filed in bankruptcy court Wednesday show Revel’s quarterly tax payment due on Sunday would have been nearly $10 million. It will now be less than $2 million.
Revel, which cost $2.4 billion to build, never turned a profit in its two-plus years of operation, and shut down last September.
It is being sold to Florida developer Glenn Straub for $95.4 million. The sale is due to close by Feb. 7.
WHYY is your source for fact-based, in-depth journalism and information. As a nonprofit organization, we rely on financial support from readers like you. Please give today.
Man charged with hate crime for vandalizing Islamic center at Rutgers, prosecutors say
The incident came a few weeks after the state attorney general's office had reported a recent spike in bias incidents in New Jersey.
10 hours ago
Former Wildwood mayor accused of official misconduct, tax evasion in new 7-count indictment
According to the N.J. Attorney General's Office, Pete Byron abused his position to request a job from a city attorney, then failed to pay state taxes on that job's earnings.
22 hours ago
Pa., N.J. to receive millions for solar energy projects that will benefit residents with low income
The solar projects will lower energy bills for overburdened residents of the Philadelphia region, federal officials say.
1 day ago