Revel Gets a Big Tax Break

The currently-closed and soon-to-be-bought Revel in Atlantic City has caught a big tax break from the city.

Under a settlement with Atlantic city, Revel's property tax assessment for 2015 will be dropped from $625 million to $225 million. As a result, a quarterly tax payment that is due this weekend drops from around $10 million to around $1.85 million.

The Associated Press reports that, while the city has not established municipal tax rate for this year, at current rates Revel would pay about $7.5 million in taxes, down from almost $40 million.

Revel is set to be purchased by Florida real estate developer Glenn Straub for $95 million in early February.