Atlantic City just got hit by another storm recently; this one, financial. (Image source: LarryRivera.com)
Bad 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 drop that is continuous gaming profits from its 12 land casinos overall. Finally, it has Web casinos willing to introduce on November 26th, and things are searching for through the income stream viewpoint.
Then again it gets another smack in the face from the taxation man.
Tax Assessment Reversal for Borgata
What ended up to be described as a huge victory for MGM Resorts International and Boyd Gaming wasn't a great deal for the already faltering coffers of Atlantic City; the two video gaming behemoths got a 61 % lowering of property fees on the jointly owned Borgata Hotel and Casino which also is actually one of the less miserable profit disasters in city and now AC has to return pre-paid tax monies to your 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 rooms over that decision. But Atlantic City leaders had to be putting their fists through some walls, once the thing that is last