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 profits 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 prepared to launch on 26th, and things are looking up from the revenue stream standpoint november.
However it gets another smack into the real face from the income tax man.
Tax Assessment Reversal for Borgata
Exactly What turned out to be considered a victory that is huge MGM Resorts International and Boyd Gaming wasn’t a great deal for the already faltering coffers of Atlantic City; the two gaming behemoths got a 61 percent decrease in property fees on their jointly owned Borgata Hotel and Casino which also is one of the less miserable profit disasters in town and now AC has to return pre-paid taxation monies towards the two companies.
They can blame it on 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 had been celebratory champagne in the MGM and Boyd Gaming conference spaces over that decision. But Atlantic City leaders must be putting their fists through some walls, since the f Read More