ATLANTIC CITY, New Jersey -- (PRESS RELEASE) -- Atlantic City and Revel are pleased to announce that they are amicably and expeditiously negotiating to resolve three outstanding lawsuits pending in the Tax Court of New Jersey relating to the assessment of Revel’s resort.
The parties expect to conclude the negotiations in the month of December by arriving at a global settlement of Revel’s tax obligations. The City and Revel are working to avoid a situation which has arisen in the past in which a casino overpays taxes, files a tax appeal which takes years to resolve and frequently ends with the City having to incur time, cost and interest expenses in litigation and in the repayment of any overpayment to that casino. Atlantic City is currently issuing bonds for approximately $100,000,000 to repay various casinos; last year, a $35,000,000 bond was issued for the same purposes.
The good faith negotiations between Revel and Atlantic City are designed to break this cycle, sparing both the City and taxpayer unnecessary expenses and uncertainty in the calculation of revenues. Thus, we are confident that no tax sale will be needed in order to secure all lawful tax payments due and owing to the City.
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