{"id":45302,"date":"2017-02-16T09:38:47","date_gmt":"2017-02-16T17:38:47","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=45302"},"modified":"2017-02-16T11:12:21","modified_gmt":"2017-02-16T19:12:21","slug":"borgata-to-get-half-of-back-owed-tax-refund-from-new-jersey-coffers","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/borgata-to-get-half-of-back-owed-tax-refund-from-new-jersey-coffers\/","title":{"rendered":"Borgata to Get Just Half of Back-Owed Tax Refund from New Jersey Coffers"},"content":{"rendered":"

Atlantic City will pay its top-producing casino Borgata<\/a> $72 million, less than half of the $165 million it owes the gaming operator in property tax refunds.<\/p>\n

\"Former
Former US Senator\u00a0from New Jersey (as well as former state AG) Jeffrey Chiesa led negotiations between the Borgata and Atlantic City\u2019s state overseers. (Image: Aristide Economopoulos\/The Star-Ledger)<\/figcaption><\/figure>\n

The agreement, according to the Press of Atlantic City<\/em>, was negotiated by New Jersey state overseers, and lays to rest the long-running dispute between the city and its largest and most prosperous casino. The state has taken over the reins of the city in an attempt to stabilize its financial affairs.<\/p>\n

\n

The debt exists because, as the land gaming sector contracted following the recession of 2008, the city\u2019s casinos successfully argued their property tax assessments were not commensurate with the amount of business they were then bringing in. Borgata, as the city\u2019s biggest taxpayer, was also the highest over-payer, and was granted by the courts the right to withhold ongoing tax payments to the city.<\/p>\n<\/div>\n

Christie Ribs City Officials<\/h2>\n

\u201cThe settlement took both sides working closely together to find common ground,\u201d said former US Senator Jeffrey Chiesa, who is in charge of the state takeover.<\/p>\n

New Jersey Governor Chris Christie<\/a> said Wednesday that the Borgata tax issue had been a top priority, and he couldn\u2019t resist a dig at city officials for failing to deliver it themselves.<\/p>\n

\u201cThe city administration, despite all the time and opportunity given to them, failed to accomplish this goal as they have with so many others,\u201d Christie said. \u201cThis agreement saves $30 million more for taxpayers than what Atlantic City had anticipated settling for under its five-year plan.\u201d<\/p><\/blockquote>\n

The city had proposed paying Borgata $103 million by borrowing through the state Municipal Qualified Bond Act, but this plan was rejected by the state.<\/p>\n

End to Litigation<\/h2>\n

John McManus, executive vice president of MGM Resorts International, which owns the Borgata, said it was committed to being \u201ca catalyst\u201d in ensuring Atlantic City\u2019s strong and vibrant future.<\/p>\n

\u201cWith this agreement we are assured the relative certainty of payment, and the avoidance of additional cost and time related to further litigation,\u201d McManus said of the settlement. \u201cMGM Resorts and Borgata believe this was the right deal for all parties concerned and is in the best interests of MGM\u2019s shareholders.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Atlantic City will pay its top-producing casino Borgata $72 million, less than half of the $165 million it owes the gaming operator in property tax refunds. The agreement, according to the Press of Atlantic City, was negotiated by New Jersey state overseers, and lays to rest the long-running dispute between the city and its largest […]<\/p>\n","protected":false},"author":42,"featured_media":45320,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\nBorgata to Get Half of Back-Owed Tax Refund from New Jersey Coffers<\/title>\n<meta name=\"description\" content=\"Atlantic City's Borgata will only receive half of the $165 million the casino is owed in property tax refunds, thanks to a state-friendly deal.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Borgata to Get Half of Back-Owed Tax Refund from New Jersey Coffers\" \/>\n<meta property=\"og:description\" content=\"Atlantic City's Borgata will only receive half of the $165 million the casino is owed in property tax refunds, thanks to a state-friendly deal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/borgata-to-get-half-of-back-owed-tax-refund-from-new-jersey-coffers\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2017-02-16T17:38:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-02-16T19:12:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/02\/Former-US-Senator-Jeffrey-Chiesa.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2048\" \/>\n\t<meta property=\"og:image:height\" content=\"1365\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/borgata-to-get-half-of-back-owed-tax-refund-from-new-jersey-coffers\/\",\"url\":\"https:\/\/www.casino.org\/news\/borgata-to-get-half-of-back-owed-tax-refund-from-new-jersey-coffers\/\",\"name\":\"Borgata to Get Half of Back-Owed Tax Refund from New Jersey Coffers\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/borgata-to-get-half-of-back-owed-tax-refund-from-new-jersey-coffers\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/borgata-to-get-half-of-back-owed-tax-refund-from-new-jersey-coffers\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/02\/Former-US-Senator-Jeffrey-Chiesa.jpg\",\"datePublished\":\"2017-02-16T17:38:47+00:00\",\"dateModified\":\"2017-02-16T19:12:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Atlantic City's Borgata will only receive half of the $165 million the casino is owed in property tax refunds, thanks to a state-friendly deal.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/borgata-to-get-half-of-back-owed-tax-refund-from-new-jersey-coffers\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/borgata-to-get-half-of-back-owed-tax-refund-from-new-jersey-coffers\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/borgata-to-get-half-of-back-owed-tax-refund-from-new-jersey-coffers\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/02\/Former-US-Senator-Jeffrey-Chiesa.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/02\/Former-US-Senator-Jeffrey-Chiesa.jpg\",\"width\":2048,\"height\":1365,\"caption\":\"Former US Senator (as well as former state AG) Jeffrey Chiesa led negotiations between the Borgata and Atlantic City\u2019s state overseers. 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