Atlantic City May Go Bankrupt If Requested to Refund Borgata

Atlantic City May Go Bankrupt If Requested to Refund Borgata

Atlantic City Mayor Don Guardian warned that the town 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 present, Atlantic City is for a re payment plan, which has been ordered by court and under which, it is to pay the amount of $150 million in taxation refunds towards the casino. Nonetheless, 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, asking for Atlantic City to be ordered to spend the aforementioned installment with interest and inside a month. The gambling location also asked for the city become required to spend all appropriate fees that it offers spent throughout the course.

Borgata Senior Vice President Joe Lupo told news that being fully a taxpayer, the casino has the straight to be paid a refund of overpayments plus in a prompt way. The executive also noticed that Atlantic City has compensated its debts to every single other gambling home, with the exception of his own.

Commenting regarding the matter, Mayor Guardian stated that the populous town cannot pay its financial obligation at present and having to do so may result in it going bankrupt. What’s more, it appears that the once-popular gambling destination cannot make application for a bond or be given federal government relief without appearing responsibility that is fiscal. Continue reading Atlantic City May Go Bankrupt If Requested to Refund Borgata