New Jersey Settles Tax Appeal Cases with Seven Atlantic City Casinos

0
321

Bally’s, Caesars, Harrah’s, Golden Nugget, Tropicana, Trump Taj Mahal and Trump Plaza Casinos

Chris Christie, New Jersey Governor made an announcement this past week that the tax appeal case with seven different casinos in the city has been settled. Control of the city’s finances and assets were seized last November by the government.

Christie said that settlements with Caesars, Golden Nugget, Bally’s, Trump Plaza, Trump Taj Mahal, Tropicana and Harrah’s have been reached. The total amount wasn’t disclosed, but Christie said that an $80 million bond ordinance was adopted by the city to be able to cover all amounts. Borgata was owed $165 million in February. The state made a deal with the operator and settled for $72 million.

Christie released a statement saying,

“The settlements reached with these casinos are the culmination of my administration’s successful efforts to address one of the most significant and vexing challenges that had been facing the City when we stepped in last November to stabilize the City’s finances. Because of the agreements announced today, casino property tax appeals no longer threaten the City’s financial future. City residents can breathe easier knowing the State put the City in a much better position to preserve public services as it pays down the tax refunds it owes to casinos.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here