Atlantic City Might Go Bankrupt If Requested to Refund Borgata
Atlantic City Mayor Don Guardian warned that the town may get 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 for a payment plan, which includes been purchased by court and under which, it’s to pay the total amount of $150 million in taxation refunds to the casino. However, on 8, it missed a $62.5-million payment in tax refund for the 2009-2010 calendar years december.
The Borgata brought the matter to court, requesting Atlantic City to be bought to pay the aforementioned installment with interest and within a month. The gambling venue additionally asked for the town become necessary to spend all fees that are legal it has spent during the course.
Borgata Senior Vice President Joe Lupo told media that being fully a taxpayer, the casino has got the directly to be paid a reimbursement of overpayments as well as in a prompt manner. The executive also noticed that Atlantic City has paid its debts to almost every other gambling home, except for his own.
Commenting regarding the matter, Mayor Guardian stated that the populous town cannot pay its financial obligation at the moment and having to take action may end up in it going bankrupt. What’s more, it appears that the once-popular gambling location cannot apply for a bond or be given federal government relief without proving responsibility that is fiscal. Continue reading “Atlantic City Might Go Bankrupt If Requested to Refund Borgata”