Borgata to get $88M tax refund in deal with AC -

Borgata to get $88M tax refund in deal with AC

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The Borgata Hotel Casino & Spa will get a refund of more than $88 million under a settlement it reached with Atlantic City over how much the city's top casino should pay in property taxes.

The Borgata's parent company, Boyd Gaming, announced the settlement Tuesday in a filing with securities regulators. The settlement covers tax years 2011 through 2014.

The Borgata will receive a tax refund of $88.25 million for tax years 2011 through 2013, as well as an estimated tax credit of $17.85 million for the tax year 2014.

The city also agreed to an unspecified lower tax assessment on the casino for 2015.

Settling casino tax appeals has been a top priority of new mayor Don Guardian.

Several casinos are challenging their assessments, citing the declining gambling market.

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