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Atlantic City Owes Borgata $62 Million

Tuesday December 22,2015 : ATLANTIC CITY COULD BE BANKRUPTED BY BORGATA TAX REFUND
 
City unable to pay the $62 million it owes casino company.
 
The Borgata gambling company in Atlantic City moved quickly on Monday after the city defaulted on a tax refund payment due Sunday, filing a request  that the courts enforce an earlier order for the city to pay a $62 million tax refund or face bankruptcy and the possible seizure of assets.
 
Monday's court filing asks the judge to order Atlantic City to pay up within 30 days.
 
The Associated Press news agency reports that the refund was ordered by a tax court that found the city had assessed the casino's property at too high a level over the tax years 2009 and 2010, given Atlantic City's declining gambling market. Better off playing online.
 
Atlantic City Mayor Don Guardian has said the city can't afford to pay that all at once, and the city could be forced into bankruptcy if it is ordered to do so.
 
The situation could worsen, too - Borgata senior vice president Joe Lupo claims that including refunds already ordered for other tax years, Atlantic City owes his company more than $150 million.
 
"We are simply asserting our rights as a taxpayer to receive a refund of overpayments," he 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."
 
AP explains that the city's situation follows the decline of Atlantic City's casino market since the first casinos opened in neighbouring Pennsylvania in 2006, when the city's gambling market was worth $5.2 billion. It has since fallen to $2.7 billion last year, and will be lower than that this year. Four of the city's 12 casinos went out of business last year
 
Casino companies now challenge city property tax assessments, often successfully.
 
"The city is already under the supervision of a state-imposed emergency manager, and a financial assistance package passed by the Legislature and awaiting Gov. Chris Christie's signature would hold $60 million in aid hostage until the city passes a fiscal recovery plan the state deems acceptable," AP notes.
 
The Borgata is Atlantic City's top-earning casino; for the first 11 months of this year, it has taken in nearly $683 million, about twice as much as its closest competitor, Harrah's.

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Gambling News :

Microgaming is set to release three exciting new games in March - Pollen Party will literally have players buzzing with excitement as the ground-breaking, 720 way variable reel online slot is brought to life in a unique honeycomb reel layout.

NBA Odds: Resurgent Clippers Face Warriors in Oakland - After a much-needed lineup shuffle, the Los Angeles Clippers (29-27 SU, 35-21 ATS) carry a four-game SU and ATS winning streak into Thursdayís game against the best team in the NBA, the Golden State Warriors (47-9 SU, 27-27-2 ATS). Tip-off is at 10:30 PM ET on TNT.

NBA Odds: New-Look Pelicans Host Rockets on Thursday - The New Orleans Pelicans just hosted the All-Star Game and saw their very own Anthony Davis win the MVP. But the celebration was brief because the next day, the Pelicans made a huge trade,

PokerStars.CZ has launched in the Czech Republic - PokerStars.CZ has launched in the Czech Republic, becoming the first licensed online casino and poker operator under the Czech Republicís new gaming regulation. This follows on from the approval by the Czech State Supervision of Gambling and Lotteries Department.

Luckia Games in Partnership with NYX Gaming Group - NYX will provide Luckia with its open gaming system, NYX OGS, and open platform system, NYX OPS, to support the growth of its established Spanish operation.

Sunbets to Sponsor Sutton United - Online betting operator Sun Bets has inked a one-off sponsorship deal with English association football club Sutton United for its upcoming televised clash against Arsenal FC in the FA Cup fifth round tie.

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ArenaCube Signs 3 New Deals - Under their strategic partnership, ArenaCube and Kiron will develop and launch a new version of Arena Challenge in 2017. The new version of the game will carry Kironís virtual content.

First Woman to Win a WPT Playground Championship - Besting a field of 380, in the C$3,500 buy-in event, Zajmovic beat Jean-Francois Bouchard in heads up play, pocketed the C$261,000 first prize and a seat in the season ending WPT Tournament of Champions.

NHL Odds: Oilers-Blackhawks at the United Cente - Fans at the United Center will be treated to a potential Western Conference playoff preview this Saturday when the upstart Edmonton Oilers visit the Chicago Blackhawks. The puck drops at 7 PM ET on WGN.

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