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Atlantic City can be scrambling for tax dollars after the Borgata Hotel and Casino's parents, Boyd Gaming Corp. and MGM Resorts International, were awarded a 61 percent reduction in property taxes for the 2009 and 2010 tax year. Appeals will definitely be filed by other casinos for a similar years in addition to 2011 and 2012 valuations.
At the center of the problem is the assessed value of the resort, which the Tax Court of latest Jersey recently worth just $870 million, a discount from the sooner (and taxed) assessment of $2.26 billion. Overall the reduction could spell money back of nearly $50 Billion that the town can be hard-pressed to seek out. Certainly the present gaming taxes from slot machines and table games are unlikely to be any help with revenues falling.
Live poker, which was steady in Atlantic City could get a lift from online in-state gaming which was legalized earlier this year. Interestingly enough, the Borgata received the primary license. Also now licensed are Golden Nugget, Trump Taj Mahal, and Trump Plaza. Although the live-money start date is November 26, not one of the actual software operators and administrators, including Betfair and supreme Gaming, have received approval. Ultimate Gaming/Ultimate Poker is already licensed because the first, and currently the only, internet operator in Nevada.
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Read More... [Source: About.com Casino Gambling]
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