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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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GAN Partners with Station Casinos - B2B online gaming company GAN (formerly Game Account Network) has revealed Station Casinos as its previously unidentified partner in an announcement made August 2016

Tipbet Sponsor of easy Credit Basketball Bundesliga for season 2016/2017 - #tipbet The agreement comes with good timing; the BBL basketball 2016/17 season started last Friday, ensuring that Tipbet benefits from high visibility for its brand presence at the games.

Oceanís Call Slot Launches - Online gambling games developer Habanero has embarked on a journey across the high seas to bring players its latest HTML5 high resolution slot title, Oceanís Call.

Big Names Playing WCOOP - The big names came out to play in the closing stages of the World Championship of Online Poker this week as major prizes were handed out in a number of exciting and entertaining competitions.

Should Gibraltar and Britain be regarded as a single state under EU gambling laws? - The issue has been referred to the ECJ by the High Court with the question "should the UK and Gibraltar be treated as a single member state when it comes to EU law on remote gambling?"

Sirplay to Open Argentina Branch - #SirPlay expects the new office to be fully operational by early next year, extending its service to Grupo Slots, which holds a license to operate the provincial San Luis Lottery, and other potential LatAm clients.

DFS Changes for Ohio - #dfs Coley says that at present DFS is an example of the "pools for profit" concept, the rules for which the state Attorney General has opined are unclear in relation to DFS.

New Jersey Teams Up With Kahnawake Gaming Commission - The New Jersey Division of Gaming Enforcement and the Kahnawake Gaming Commission have agreed to collaborate in preventing unlicensed online operators from accepting bets from New Jersey and other U.S. states through the Continent 8 data centre situated on tribal land, according to reports Tuesday from the Associated Press news agency.

Petition to Ban Online Gaming in Singapore - Singapore Pools and Singapore Turf Clubís application to operate online betting has triggered the origination of a petition that calls on the Government to deny authorization and stop legalization of online gambling.

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