Atlantic City just got hit by another storm recently; this one, financial. (Image source: LarryRivera.com)
Bad Atlantic City.
It gets battered by hurricanes, has its revenues siphoned off by ever-increasing competition from surrounding states like Pennsylvania and Maryland, and has seen a seven-year drop that is continuous gaming profits from its 12 land casinos overall. Finally, it has online casinos prepared to launch on 26th, and things are looking up from the revenue stream standpoint november.
But then it gets another smack in the real face from the tax man.
Tax Assessment Reversal for Borgata
What proved to be considered a huge victory for MGM Resorts International and Boyd Gaming wasn’t a great deal for the currently faltering coffers of Atlantic City; the two video gaming behemoths got a 61 % lowering of property taxes on the jointly owned Borgata Hotel and Casino which also is actually certainly one of the less miserable profit disasters in town and now AC has to return pre-paid income tax monies to the two companies.
They can blame it on the Tax Court of New Jersey, which reassessed the casino that is top-grossing the Garden State at $870 million, a huge drop from its 2010 evaluation of $2.26 billion. No doubt there was celebratory champagne in the MGM and Boyd Gaming conference spaces over that decision. But Atlantic City leaders needed to be putting their fists through some walls, due to the fa Continue reading “Property Tax Plummet for Borgata is Sucker Punch for Atlantic City”