The City of Atlantic City has a love-hate relationship with The Borgata Casino Resort. We love that it employs a whopping 5,803 jobs. That’s almost 25 percent of all casino jobs in AC.
We hate that Borgata’s holding back $7.2 million in tax payments…. due now. But can ya blame them?
Atlantic City owes Borgata more than $170 million in successful tax appeals. They overpaid for years., due to faulty assessments and falling valuations.
Can the City actually run out of money? Will the State allow AC to declare bankruptcy? Or will NJ State just step in and apply bankruptcy tactics…..without actually filing for the ‘B’ word?
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