\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":"\n
Borgata to Get Half of Back-Owed Tax Refund from New Jersey Coffers<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n