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Atlantic City Might Go Bankrupt If Requested to Refund Borgata

Atlantic City Might Go Bankrupt If Requested to Refund Borgata

Atlantic City Mayor Don Guardian warned that the city 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 present, Atlantic City is for a re payment plan, which has been bought by court and under which, it’s to cover the quantity of $150 million in tax refunds towards the casino. Nevertheless, on December 8, it missed a $62.5-million payment in tax refund for the 2009-2010 calendar years.

The Borgata brought the situation to court, requesting Atlantic City to be purchased to pay the installment that is aforementioned interest and in just a thirty days. The gambling location additionally asked for the town become required to pay all fees that are legal it has spent during the program.

Borgata Senior Vice President Joe Lupo told news that being fully a taxpayer, the casino has the straight to be paid a reimbursement of overpayments as well as in a manner that is timely. The administrator also pointed out that Atlantic City has compensated its debts to every single other gambling home, except for his or her own.

Commenting regarding the matter, Mayor Guardian stated that the populous city cannot spend its debt at present and having to do this may cause it going bankrupt. What’s more, it would appear that the once-popular gambling location cannot apply for a bond or be issued federal government relief without appearing financial responsibility. Continue reading “Atlantic City Might Go Bankrupt If Requested to Refund Borgata”