Atlantic City settles all casino appeals
Atlantic City will pay US$80 million to settle a series of property tax appeals related to casinos.
US.- As the office of the Governor Chris Christie revealed, Jeffrey Chiesa, in charge of Atlantic City’s finances, settled all the outstanding tax appeals for the city, which will pay US$80 million to the casinos involved.
“The settlements reached with these casinos are the culmination of my administration’s successful efforts to address one of the most significant and vexing challenges that had been facing the City when we stepped in last November to stabilise the City’s finances,” said Christie. Moreover, he said that because of the agreements announced yesterday, casino property tax appeals are no longer a threat to Atlantic City’s financial future. “City residents can breathe easier knowing the State put the City in a much better position to preserve public services as it pays down the tax refunds it owes to casinos,” he added, as NJgambingsites.com posted.
Chiesa, who is also a former senator of the United States, revealed that the City was overwhelmed by millions of dollars of crushing casino tax appeal debt that they hadn’t unraveled when they arrived last fall. “We made it a priority from day one to reach settlement agreements with casinos that are favorable to the City.”
The agreement covers the 2016 cases for Bally’s, Golden Nugget, Caesars and Harrah’s, 2015 and 2016 for Tropicana, 2014 to 2016 for the former Trump Taj Mahal and 2014 to 2017 for the former Trump Plaza.
