Borgata demands that Atlantic City pay tax refund

borgata-forces-atlantic-city-to-pay-tax-refundsBorgata Hotel Casino and Spa has lost its patience as it demands Atlantic City pay up.

In December, Atlantic City‘s government missed a payment of $62.5 million it owed Borgata Casino and Spa as part of a 2009 and 2010 property-tax refund.

The casino’s lawyers will head to a Midtown courtroom on Friday to ask a judge to pressure Atlantic City to honor its debts, a move that could end in seizure of some of city assets or even bankruptcy.

Borgata, the state’s top grossing casino, was initially assessed a property value of $2.26 billion in 2010 but that was reduced to $880 million by the Tax Court of New Jersey in 2013.

The reduction required the city to repay more than $150 million for overcharging the Borgata in the tax years spanning 2009 to 2015.

“We are simply asserting our rights as a taxpayer to receive a refund of over payments,” Borgata senior vice president Joe Lupo told the Associated Press. “We are also disappointed that the city is focusing solely on us its attempt to resolve the situation. Atlantic City has paid refunds to every other (casino) property – except Borgata.”

Former NFL running back owes Borgata $170,000

Former NFL star Clinton Portis has filed for bankruptcy after he claimed about $4.85 million in debts he can’t pay, including $170,000 owed to the Borgata casino.

According to Dead spin, Borgata filed a complaint this week to prevent Portis from having his Borgata debt forgiven arguing that Portis was aware that he did not have enough money to repay the debt when he got the line of credit he used at the casino in 2011.

The casino also claimed that Portis tried to pay his debt with bad checks.

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February 5, 2016: posted in News And Reviews No Comments

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