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.

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