VIDEO: Atlantic City's Debt to Borgata Casino Could Lead to Bankruptcy
ATLANTIC CITY - Atlantic City owes the Borgata Hotel Casino & Spa more than $150 million in tax refunds — a debt which could bankrupt the city, according to the resort town's mayor. Borgata officials are asking a judge to order Atlantic City to pay more than $62 million in tax refunds, which the court has already said belong to the casino property. The payment could lead to seizure of city assets, or even a municipal bankruptcy filing. The city has already missed a payment deadline of the debt owed to the Borgata because the casino's property was assessed at too high a level given Atlantic City's declining gambling market. Officials at the casino told the Associated Press that the city owes it more than $150 million in refunds. Atlantic City Mayor Don Guardian has said that if the city has to pay it all at once, it could be forced into bankruptcy.
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