The New Jersey Economic Development Authority approved on Tuesday a financing plan with $261 million of tax incentives to help revive the stalled Revel casino project in Atlantic City.

Construction on the 53-story glass-enclosed gambling oasis stopped in 2009. State officials are hoping the gambling and entertainment resort will help boost Atlantic City tourism. Gross gambling revenue at its 11 casinos dropped by $378 million, or 9.6%, in 2010, to $3.56 billion, according to the New Jersey Casino Control Commission.

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