ATLANTIC CITY, N.J. —
Atlantic City’s Borgata casino says it will stop making tax payments until the city hands over $62.5 million in court-ordered tax refunds.
That move could cause the cash-strapped city to run out of money within weeks; Mayor Don Guardian said it would be “devastating” if the Borgata withheld a tax payment due next week.
Atlantic City owes more than $170 million to the Borgata in tax appeals that the casino won by challenging the property’s assessed value as the city’s gambling market shrank amid cutthroat competition in the Northeast.
The casino’s statement came shortly after Mayor Don Guardian granted a motion Friday declaring that the city must pay the Borgata $62.5 million for tax years 2009…
Read the full article at: http://abc7ny.com/travel/borgata-will-stop-paying-taxes-until-atlantic-city-pays-them-over-62-million-in-refunds/1189196/