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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 town may get bankrupt if it’s forced to cover the debt it owes the Borgata Casino, the absolute most profitable of all eight staying gambling venues.

At present, Atlantic City is on a re payment plan, which has been purchased by court and under which, it is to pay the total amount of $150 million in tax refunds towards the casino. Nonetheless, on 8, it missed a $62.5-million payment in tax refund for the 2009-2010 calendar years december.

The Borgata brought the matter to court, requesting Atlantic City to be bought to pay the installment that is aforementioned interest and inside a month. The gambling location additionally asked for the city become required to spend all appropriate fees that it has invested through the course.

Borgata Senior Vice President Joe Lupo told media that being fully a taxpayer, the casino gets the directly to be compensated a reimbursement of overpayments plus in a timely manner. The administrator also pointed out that Atlantic City has paid its debts to every single other gambling home, except for their own.

Commenting on the matter, Mayor Guardian stated that the city cannot pay its financial obligation at present and having to do so may lead to it going bankrupt. What is more, it would appear that the once-popular gambling destination cannot apply for a bond or be given federal government relief without showing responsibility that is fiscal.

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