{"id":32808,"date":"2016-07-18T18:36:54","date_gmt":"2016-07-18T18:36:54","guid":{"rendered":"http:\/\/acprimetime.wpengine.com\/?p=32808"},"modified":"2016-07-18T18:41:15","modified_gmt":"2016-07-18T18:41:15","slug":"perfect-timing-borgata-now-assessed-10-years","status":"publish","type":"post","link":"https:\/\/acprimetime.com\/perfect-timing-borgata-now-assessed-10-years\/","title":{"rendered":"Perfect Timing for Borgata. Now Under-Assessed for 10 Years?"},"content":{"rendered":"<figure id=\"attachment_32599\" aria-describedby=\"caption-attachment-32599\" style=\"width: 730px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-32599 size-full\" src=\"http:\/\/acprimetime.wpengine.com\/wp-content\/uploads\/2016\/06\/borgata-wins-again-slider.jpg\" alt=\"borgata-wins-again-slider\" width=\"730\" height=\"350\" srcset=\"https:\/\/acprimetime.com\/wp-content\/uploads\/2016\/06\/borgata-wins-again-slider.jpg 730w, https:\/\/acprimetime.com\/wp-content\/uploads\/2016\/06\/borgata-wins-again-slider-400x192.jpg 400w, https:\/\/acprimetime.com\/wp-content\/uploads\/2016\/06\/borgata-wins-again-slider-20x10.jpg 20w\" sizes=\"(max-width: 730px) 100vw, 730px\" \/><figcaption id=\"caption-attachment-32599\" class=\"wp-caption-text\">Ugh.<\/figcaption><\/figure>\n<p>MGM Resorts paid $900 million to Boyd Gaming for their 50% of Borgata. Now, MGM has it all.<\/p>\n<p>Boyd Gaming not only gets $900 million, they&#8217;ll also pocket half of any future tax settlement that MGM\/Borgata reaches with the bean counters of Atlantic City.<\/p>\n<p>NOTE: The $900 mil deal is based on the VALUE of the Borgata&#8217;s entire business, not just the old dumping ground it sits on.<\/p>\n<h2>The sale places a fair market value of the Borgata Casino at $1.8 billion. Too bad Atlantic City won&#8217;t benefit in that number.<\/h2>\n<p>Did you know&#8230;..The city&#8217;s #1 casino will only have to pay taxes under the PILOT bill? That&#8217;s IF a judge tells them to start paying their taxes again.\u00a0The Borgata has been Atlantic City&#8217;s top-performing casino since it opened back in 2003.<\/p>\n<p><strong>THE PILOT BILL uses this formula to determine who pays what&#8230;.<\/strong><\/p>\n<ul>\n<li>gaming revenue<\/li>\n<li>hotel rooms<\/li>\n<li>property size<\/li>\n<\/ul>\n<p>A judge said the Borgata&#8217;s assessed value is only $850 million.\u00a0Borgata is currently paying NO taxes, as sanctioned by a judge who said AC owes Borgata well over $150 mil, due to tax appeals.<\/p>\n<p>According to the <a href=\"http:\/\/www.pressofatlanticcity.com\/\" target=\"_blank\">Press of Atlantic City<\/a>, the timing of the sale prevents the deal from having any impact on what Borgata pays under the new law.<\/p>\n<blockquote><p>Did Atlantic City officials once again got schooled by the big and powerful casinos?<\/p><\/blockquote>\n<h3>NOTE: Borgata skipped last two quarterly tax payments. Atlantic City owes Borgata over $160 million in back tax refunds.<\/h3>\n<p>According to reports, Borgata was billed $29 million annually, for property taxes.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MGM Resorts paid $900 million to Boyd Gaming for their 50% of Borgata. Now, MGM has it all. Boyd Gaming not only gets $900 million, they&#8217;ll also pocket half of any future tax settlement that MGM\/Borgata reaches with the bean counters of Atlantic City. NOTE: The $900 mil deal is based on the VALUE of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":32599,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[10],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Perfect Timing for Borgata. 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Now, MGM has it all. Boyd Gaming not only gets $900 million, they&#8217;ll also pocket half of any future tax settlement that MGM\/Borgata reaches with the bean counters of Atlantic City. NOTE: The $900 mil deal is based on the VALUE of&hellip;","_links":{"self":[{"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/posts\/32808"}],"collection":[{"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/comments?post=32808"}],"version-history":[{"count":0,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/posts\/32808\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/media\/32599"}],"wp:attachment":[{"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/media?parent=32808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/categories?post=32808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/tags?post=32808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}