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 continuous drop in gaming profits from its 12 land casinos overall. Finally, it has online casinos willing to introduce on 26th, and things are looking up from the revenue stream standpoint november.
But then it gets another smack in the face from the tax man.
Tax Assessment Reversal for Borgata
Just What ended up to be considered a huge victory for MGM Resorts International and Boyd Gaming was not so much for the currently faltering coffers of Atlantic City; the two gaming behemoths got a 61 % reduction in property taxes on their jointly owned Borgata Hotel and Casino which also happens to be one of the less miserable profit disasters in city and now AC has to return pre-paid tax monies to the two companies.
They can blame it in the Tax Court of New Jersey, which reassessed the top-grossing casino in the Garden State at $870 million, a huge drop from its 2010 evaluation of $2.26 billion. Without doubt there was celebratory champagne in the MGM and Boyd Gaming conference spaces over that choice. But Atlantic City leaders had to be putting their fists through some walls, because the thing that is last needed h Continue reading