Atlantic City’s Borgata Hotel Casino & Spa has reached a settlement with city officials that will see it receive a property tax refund of more than $88m. The Borgata’s parent company, Boyd Gaming, announced the settlement in a filing with securities regulators.
The Borgata will receive a tax refund of $88.2m for tax years 2011 through 2013, as well as an estimated tax credit of $17.8m for the tax year 2014. The city also agreed to an unspecified lower tax assessment on the casino for 2015.
In return for the refund, the Borgata agreed to drop its appeals of its tax assessments from 2011 through 2015.
source : www.totallygaming.com
