Atlantic City Might Go Bankrupt If Requested to Refund Borgata
Atlantic City Mayor Don Guardian warned that the city may go bankrupt if it’s forced to pay the debt it owes the Borgata Casino, the absolute most profitable of all eight remaining gambling venues.
At present, Atlantic City is on a re payment plan, that has been purchased by court and under which, it is to cover the total amount of $150 million in income tax refunds to your casino. Nonetheless, on December 8, it missed a $62.5-million payment in taxation refund for the 2009-2010 calendar years.
The Borgata brought the matter to court, requesting Atlantic City to be purchased to pay the aforementioned installment with interest and inside a month. The gambling place also asked for the city become needed to spend all appropriate fees that it has spent during the program.
Borgata Senior Vice President Joe Lupo told news that being fully a taxpayer, the casino has the directly to be paid a refund of overpayments plus in a timely way. The administrator also pointed out that Atlantic City has compensated its debts to every other gambling property, except for their own.
Commenting regarding the matter, Mayor Guardian said that the populous city cannot spend its debt at present and being forced to take action may cause it going bankrupt. What’s more, it would appear that the once-popular gambling destination cannot make application for a bond or be granted federal government relief without showing responsibility that is fiscal. Continue reading “Atlantic City Might Go Bankrupt If Requested to Refund Borgata”