Atlantic City just got hit by another storm recently; this one, financial. (Image source: LarryRivera.com)
Poor 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 revenues from its 12 land casinos overall. Finally, it has Internet casinos ready to introduce on 26th, and things are looking up from the revenue stream standpoint november.
However it gets another smack into the face from the tax man.
Tax Assessment Reversal for Borgata
What ended up to be described as a huge victory for MGM Resorts International and Boyd Gaming was not so much for the already faltering coffers of Atlantic City; the two video gaming behemoths got a 61 % decrease in property fees on the jointly owned Borgata Hotel and Casino which also is actually certainly one of the less miserable profit disasters in city and now AC has to return pre-paid income tax monies towards 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 champagne that is celebratory the MGM and Boyd Gaming conference spaces over that choice. But Atlantic City leaders had to be putting their fists through some walls, because th Continue reading →