Bankruptcy Judge Gloria Burns said yesterday that she would approve a $26 million settlement between Atlantic City and the Revel Casino Hotel that will provide much-needed cash for New Jersey's struggling gambling hub and a tax cut for the shuttered gambling complex, Reuters reported yesterday. Judge Burns also indicated she would approve a request to increase the size of Revel's bankruptcy loan from Wells Fargo to $61 million to pay for the tax settlement. The settlement cut Revel's tax bill by $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.
