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 fall in gaming profits from its 12 land casinos overall. Finally, it has Internet casinos prepared to launch on November 26th, and things are searching for through the income stream viewpoint.
But then it gets another smack in the real face from the income tax man.
Tax Assessment Reversal for Borgata
Exactly What proved to be a victory that is huge MGM Resorts International and Boyd Gaming was not a great deal for the currently faltering coffers of Atlantic City; the two video gaming behemoths got a 61 % decrease in property taxes on the 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 tax monies to your 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 assessment of $2.26 billion. Without doubt there ended up being celebratory champagne in the MGM and Boyd Gaming conference spaces over that decision. But Atlantic City leaders had to be putting their fists through some walls, due to the fact (más…)