ATLANTIC CITY, NJ—While the sale of the bankrupt and shutteredRevel Casino Hotel is still in doubt,Wells Fargo is acquiring the casino's tax lien,according to Atlantic City Mayor Don Guardian.

Wells Fargo, the chief lender to Revel, is going to acquire the$32.5-million in taxes owed to Atlantic City for $26 million,according to a settlement. The city's attempt to sell the Revel taxlien in a city tax sale earlier this month failed, according to theInquirer.

Mayor Guardian also says that the anonymous buyer of the$22-million tax lien against Trump EntertainmentResorts at the Dec. 11 sale has paid the taxes owed to thecity. The mayor says that the $48 million that will be paid for inconnection with the casino debt, plus a $40-million note securedFriday with the State of New Jersey, will allow Atlantic City topay its workers, continue operations, and send the county andschool systems their share of the tax revenue owed for 2014. Seestory in The Inquirer.