The most profitable casino hotel in Atlantic City is Borgata. This MGM owned resort is also the biggest roadblock to AC’s financial comeback.
News has broke that shows Borgata is blocking momentum on the critical Stockton University / Gateway project on Albany Ave. The casino operator has placed a lien against some adjacent land that’s vital to proper development of this project lead by ACDEVCO & Chris Paladino.
Thru tax appeals, Atlantic City owes Borgata an eye-popping $170 million.
We can thank poor valuation procedures for that insane number. And just in case you forgot, Borgata doesn’t have to pay their taxes until further notice. Nice, huh? But wait. It gets better.
Borgata wound up….. and heartily kicked AC in the city’s jewels.
After a judge assessed Borgata at just $880 million, they got locked into a sweet, 10 year PILOT (payment in lieu of taxes) payment. Days later, owner MGM bought the other half of Borgata…they didn’t own (from Boyd Gaming) for $900 million. That means Borgata is actually worth $1.8 billion.
Thank MGM & Borgata for holding back the biggest Atlantic City development project in years. Shame on you, MGM & Borgata.
Oh, and lest we forget…a former AC Police Chief also placed a lien on the property too. He won a lawsuit many years back, when suing the City was considered a quick way to easily pad your retirement account.
One last question: Did Borgata or former Police Chief Mooney place a lien on Garden Pier or the Boardwalk volleyball court too?
What do you think? Place a comment below. Tell MGM / Borgata how you feel about their actions.
READ FULL STORY in Press of Atlantic City
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