Atlantic City Might Go Bankrupt If Requested to Refund Borgata

Atlantic City Mayor Don Guardian warned that the city may get bankrupt if it is forced to cover your debt it owes the Borgata Casino, the absolute most lucrative of all eight staying gambling venues.

At present, Atlantic City is for a re payment plan, which includes been ordered by court and under which, it is to pay the quantity of $150 million in income tax refunds to your casino. But, on December 8, it missed a $62.5-million payment in tax refund for the 2009-2010 calendar years.

The Borgata brought the situation to court, seeking Atlantic City become purchased to pay the installment that is aforementioned interest and inside a thirty days. The gambling location also asked for the city to be necessary to spend all fees that are legal this has invested during the program.

Borgata Senior Vice President Joe Lupo told media that being truly a taxpayer, the casino has got the straight to be compensated a refund of overpayments plus in a timely way. The administrator also remarked that Atlantic City has compensated its debts to every single other gambling property, with the exception of their own.

Commenting regarding the matter, Mayor Guardian said that the city cannot pay its debt at the moment and having to take action may end up in it going bankrupt. What’s more, it seems that the once-popular gambling location cannot apply for a bond or be issued government relief without demonstrating fiscal responsibility. Click here to read more »