July 06, 2015
A New Jersey court ruling expected Monday could result in Atlantic City's Borgata Casino Hotel receiving $59 million in tax refunds, the Press of Atlantic City reports.
The court will consider the city's appeal of a 2013 Tax Court order that determined the city overvalued the casino by more than a billion dollars. If denied, Borgata could receive millions in property tax refunds and interest.
Atlantic City valued the resort at about $2.2 billion for tax years 2009 and 2010. But in October 2013, after a 21-day non-jury trial, New Jersey Tax Court Judge Patrick DeAlmeida slashed the assessments to $880 million and $870 million, respectively.
The judge said the initial assessments failed to account for profound changes that were well underway in the Atlantic City casino market as the aughts ended.
Atlantic City casino revenue has nearly halved since it peaked in 2006 at $5.2 billion.
Read more from the Press of Atlantic City.
