Borgata Wants $62 Million From Atlantic CityCasino Asks Court To Make City Pay Tax Refunds |
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Atlantic City could be forced into bankruptcy if it has to give the Borgata casino $62 million in tax refunds all at once, which is what the casino asked a court for this week, according to a report from the Associated Press.
The court had already determined that the casino is owed the money from the 2009 and 2010 tax years. The Borgata said that the city owes it more than $150 million altogether.
The court could seize city assets to help pay off the judgment, the report said. The Borgata wants Atlantic City to pay up within 30 days.
Atlantic City was hit by a string of four casino closings last year. The city now has just eight casinos, and gaming revenue is going to be even less than last year’s roughly $2.7 billion.
The Borgata is also trying to get money back from poker pro Phil Ivey. The casino wants the $9.6 million returned to it that Ivey won while edge-sorting in baccarat.
Thanks to Atlantic City’s struggles, lawmakers in the Garden State have agreed to have a referendum next year on putting casinos in the northern part of the state.
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