The failed Revel casino has yet to execute a sale of the property. But its outstanding tax bill at least will be bought, at Revel's typical deep discount. The $32.5 million tax lien against the shuttered Revel casino that failed to sell at a city tax sale this month will be bought by Wells Fargo in a settlement for $26 million, Atlantic City Mayor Don Guardian said Monday.
In addition, Guardian said, the anonymous buyer of the $22 million tax lien against Trump Entertainment Resorts at the Dec. 11 sale has paid the cash-starved city. The city had put up for sale about $59 million in tax liens, which give the purchaser the right to foreclose in two years if property owners do not reimburse them for the paid tax bill. Wells Fargo is the chief lender to Revel and is bankrolling the bankrupt casino as it tries to execute a sale. It had made offers to the city prior to the Dec. 11 tax sale that were turned down.
Guardian said the $48 million from those two paid up 2014 tax bills for the casinos, plus a $40 million note secured Friday with the State of New Jersey, will be enough to allow Atlantic City to pay its workers, continue operations, and send the county and school systems their share of the tax revenue owed for 2014. A tentative sale of Revel to Brookfield Asset Management fell through earlier this month, and the future of the property is still to be determined.