Atlantic City May Go Bankrupt If Ordered to Refund Borgata
Atlantic City Mayor Don Guardian warned that the city may go bankrupt it owes the Borgata Casino, the most profitable of all eight remaining gambling venues if it is forced to pay the debt.
At the moment, Atlantic City is on a re payment plan, which includes been bought by court and under which, its to pay for the quantity of $150 million in tax refunds towards the casino. However, on December 8, it missed a $62.5-million repayment in tax reimbursement for the 2009-2010 calendar years.
The Borgata brought the matter to court, requesting Atlantic City to be ordered to spend the aforementioned installment with interest and within a thirty days. The gambling place additionally asked for the city become required to spend all fees that are legal this has spent during the program.
Borgata Senior Vice President Joe Lupo told news that being fully a taxpayer, the casino has got the directly to be compensated a refund of overpayments plus in a timely g casino mobile manner. The administrator also pointed out that Atlantic City has compensated its debts to every other gambling home, with the exception of his own.
Commenting on the matter, Mayor Guardian stated that the city cannot spend its financial obligation at the moment and being forced to do so may end in it going bankrupt. What’s more, it seems that the once-popular gambling destination cannot make application for a bond or be awarded federal government relief without proving financial obligation. Continue reading “Atlantic City May Go Bankrupt If Ordered to Refund Borgata”