New Jersey, Borgata Reach $72M Settlement Over Tax Appeals
TRENTON, N.J. (CBS) -- Gov. Chris Christie announced Wednesday that all of the outstanding property tax appeals filed by Borgata Hotel Casino and Spa have been resolved.
MGM Resorts International, which acquired the Borgata in 2016, was said to have been owed $165 million, but the state and the company settled at $72 million.
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"This settlement has been one of my administration's priorities since Atlantic City's fiscal crisis forced us to assume control of operations there in November with a plan to stabilize property taxes and return the city to a sound financial footing. The city administration, despite all the time and opportunity given to them failed to accomplish this goal as they have with so many others. This agreement saves $30 million more for taxpayers than what Atlantic City had anticipated settling for under its five-year plan," said Christie.
The governor characterized the settlement as a step in bringing fiscal health back to the Jersey Shore town.
According to the state, Borgata is the largest taxpayer and employer in the city.