Atlantic City to pay Hard Rock US$4.8 million
The city will have to pay US$4.8 million to the casino as part of a property-tax appeal settlement.
US.- A spokeswoman for the state Department of Community Affairs of New Jersey has revealed that Atlantic City and Atlantic County will be forced to pay US$4.8 million in casino tax appeals to the owners of Hard Rock Hotel & Casino Atlantic City.
The decision comes as part of a property-tax appeal settlement from 2017, when the state announced it had settled all casino tax appeals. The settlements cover appeals from 2014 to 2017 and includes Carl Icahn’s properties, Caesars Atlantic City, Bally’s Atlantic City, Harrah’s Resort and Golden Nugget Atlantic City. The city had approved a US$80 million bond to pay for those appeals.
”Atlantic City will pay the Hard Rock owner US$1.2 million a year for a four-year period beginning with tax year 2019. Because a court judgment has not yet been entered on the agreement, Atlantic County’s budget for tax year 2019 will not be affected. Moving forward, the county share of the refund will be at 8 percent,” Lisa M. Ryan wrote in an email to The Press of Atlantic City.