Property Tax Plummet for Borgata is Sucker Punch for Atlantic City

Property Tax Plummet for Borgata is Sucker Punch for Atlantic City

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”

Gaming Almanac Figures Show Casino Revenues Growing Across US

Gaming Almanac Figures Show Casino Revenues Growing Across US

There are great deal of the latest casino spaces across the U.S., and overall, profits are accelerating. (Image source: Indian Country Today)

If you’re in the us these days, chances are you aren’t too far away from at the least one casino. It’s no secret that there’s been massive casino expansion all over the united states on the last decade, as more and more states have wanted to cash in in the prospective income streams that brick-and-mortar gambling can bring. And according to the latest reports, that tactic seems to be working for most of them.

The 2013-2014 North American Gaming Almanac was released this week, bringing more specifics of actual figures to light. The report that is annual the country’s gaming industry includes a state-by-state breakdown for the revenues each state earns from gambling, including how those figures have changed over time.

Nevada Not Soaring

For most states, according to the report, the news is great if you started by looking at Las Vegas though you might not know that. In Nevada, gambling revenues stood at $9.8 billion in 2000, but after rising for quite a while, they took a hit following 2008 recession. Which means that in 2011, Nevada ended up being yet again bringing in you guessed it — $9.8 billion from gambling. Brand New numbers for Nevada do look more promising, though, utilizing the state recording a 7.4 per cent boost in year-over-year profits in September, in Continue reading “Gaming Almanac Figures Show Casino Revenues Growing Across US”

Gambling Debates in Indiana; The Governor from the ‘Expansion’

Gambling Debates in Indiana; The Governor from the ‘Expansion’

Indiana is another state, which is anticipated to just take actions towards allowing the neighborhood players freely utilize different gambling products. However, the expansion needs to be authorized by the authorities that are local most importantly by Mike Pence, the Governor of Indiana. the gaming industry greatly depends of the means he describes the word ‘expansion’.

Several days ago, Tom Dermody, a Chairman in charge of your house Public Policy, discussed the approaching changes, in regards to the gambling activities in the area and warned their colleagues against using unwise decisions. When they intend to legalize the new foibles through the next available sitting in January 2015, they ought to very carefully examine all of the pros and cons associated with amenities, that are going to be imposed.

Based on the Chairman, the priority that is top of authorities must certanly be implementing foibles which can be solid and credible. Nevertheless, the legislators need to be prepared to give a explanation that is sensible all their actions.

All the details, given by Dermody, just come to aid the viewpoint of Mike Pence, who is completely against any form of expansion of the legislation.

Several racetracks and riverboat gambling enterprises, found in the state, have expressed their willingness to become land-based venues and expand their company by the addition of more dining table games. Even tho Continue reading “Gambling Debates in Indiana; The Governor from the ‘Expansion’”

Judge Rebukes Boston Officials over Everett Casino Lawsuit

Judge Rebukes Boston Officials over Everett Casino Lawsuit

Suffolk Superior Court Judge Janet L. Sanders ruled on Monday that the Boston city management had violated court instructions by making use of litigation as being a tool into the city’s ongoing battle that is legal the Massachusetts Gaming Commission and gambling operator Wynn Resorts.

The casino that is major was indeed awarded the only gaming permit for the state’s money region and is to create a $1.7-billion hotel and casino resort regarding the Everett waterfront.

Judge Sanders issued an order that is two-page by which she rebuked Boston Mayor Marty Walsh’s workplace for filing appropriate papers last thirty days pointing to ‘bad faith’ and poor functions in the Region A licensing process.

Based on the Superior Court judge, city officials did not follow specific court requests by such as the afore-mentioned allegations in their documents. The documents were filed on July 10, simple hours before a hearing before Judge Sanders was planned to take place. In addition, the Walsh management failed to allow the parties that are involved a glance at the documents.

Judge Sanders ruled that Boston officials’ pleadings had been unrelated and improper to what was to be discussed through the hearing. She additionally remarked that she would eliminate any paperwork that was in almost any way anti-Wynn through the lawsuit’s public file. The issue is expected to re-appear into the litigation afterwards, but Judg Continue reading “Judge Rebukes Boston Officials over Everett Casino Lawsuit”