A special state-appointed city overseer has settled the long running casino tax disputes that involved various casinos in Atlantic City, though the officers have not revealed the settlement amount. However, an amount of $80m bond introduced by city council officials, which would be used to fund the repayment has been told by unconfirmed sources.
Former US Sen. Jeffrey S. Chiesa was tasked with leading financial recovery efforts for Atlantic City and said: “The city was overwhelmed by millions of dollars of crushing casino tax appeal debt”.
Chiesa further added, “Because of our hard work, the city has now quantified its casino tax appeal debt."
The casino properties that included the appeals tax cover are Caesars Atlantic City, Bally’s Atlantic City, Golden Nugget Atlantic City, Harrah’s Resort, and three properties belonging to Carl Icahn from a period of 2014 to 2017.
New Jersey settled $72m in taxes with Borgata Hotel Casino & Spa in February and saved $93m in the settlement. The city now agreed to resolve the tax appeals for Tropicana from 2015-2016, the Taj Mahal for 2014-2016, and Trump Plaza from 2014-2017.
The news comes as a relief for the citizens who can now breathe easy knowing the city is in better condition.