ATLANTIC CITY-In a decision the city will appeal, a state tax court judge has ruled that the Borgata Hotel Casino and Spa was over-assessed to the tune of nearly $50 million. A city official says the ruling could bankrupt the city.
Judge Patrick DeAlmeida, in an opinion made public on Monday, ruled that the casino's property should have been valued at $880 million in 2009 and $870 million in 2010, not the roughly $2.26 billion that Atlantic City claimed it was worth during that period, according to The Star-Ledger.
“We intend to vigorously contest the decision in the courts as its impact could effectively bankrupt the city,” Atlantic City Solicitor Braun Littlefield stated.
“While the Borgata remains a luxury facility with fine features and high-end amenities, the subject property does not have the market value it once did during Atlantic City's near monopoly on gaming,” the judge wrote in his decision. Paul Genato, a Princeton-based attorney who is not involved in the case, says the casino should get tax refunds for the two years of approximately $48.8 million, plus interest. See story in The Star-Ledger.
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