Bankruptcy Judge Gloria Burns yesterday said that she will approve a deal that allows bankrupt Revel Casino Hotel to pay far less in property taxes to Atlantic City this year, Reuters reported yesterday. The cash-strapped city agreed to lower its 2015 valuation of Revel, the city's newest casino property. Revel opened in 2012 to much fanfare but has never turned a profit, went bankrupt twice and closed last year. Under the agreement, Revel's 2015 tax assessment is just $225 million, less than a tenth of the $2.4 billion it cost to build. Over the course of negotiations in bankruptcy court, the 2015 assessed value of the property dropped to $1.15 billion and then $625 million before the latest agreement was reached. At the current tax rate of 3.348 percent, Revel's next quarterly property tax payment will be about $1.9 million, down from the $9.8 million it would have been prior to the settlement. The city's 2015 tax rate has yet to be determined.
