ATLANTIC CITY, NJ—While the sale of the bankrupt and shuttered Revel 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 tax lien in a city tax sale earlier this month failed, according to the Inquirer.
Mayor Guardian also says that the anonymous buyer of the $22-million tax lien against Trump Entertainment Resorts at the Dec. 11 sale has paid the taxes owed to the city. The mayor says that the $48 million that will be paid for in connection with the casino debt, plus a $40-million note secured Friday with the State of New Jersey, will 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. See story in The Inquirer.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.