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\tATLANTIC CITY, N.J. (AP) \u2013 An Atlantic City casino that says its taxes would rise dramatically under a proposed tax assistance bill designed to help save the struggling seaside resort town says it will sue to block the plan \u201cand blow this whole thing up.\u201d<\/p>\n
\tThe Golden Nugget said Thursday its calculations of the amount each casino would pay under a proposed payment in lieu of taxes drastically raises taxes for it, Resorts and Bally\u2019s, three of the city\u2019s smaller casinos,- while giving huge tax breaks to big casinos owned or soon to be owned by billionaire Carl Icahn and gambling giant Caesars Entertainment.<\/p>\n
\tThe casino\u2019s general counsel, Steve Scheinthal, told The Associated Press the bill sponsored by state Senate President Steve Sweeney unfairly hurts the smaller casinos.<\/p>\n
\t\u201cThis is Robin Hood taking from the poor to give to the rich,\u201d Scheinthal said. \u201cIt takes our taxes from $4.7 million to $8.1 million. We\u2019re not happy. We are going to go to court and blow this whole thing up.\u201d<\/p>\n
\tHe said Golden Nugget owner Tilman Fertitta will seek a court order blocking the legislation if Gov. Chris Christie signs it.<\/p>\n
\tScheinthal said he spoke with Sweeney\u2019s staff, which assured him an amendment introduced in a state Senate committee Monday would help protect the casino. The amendment would give a tax credit to any casino whose payments under the alternative tax plan would be higher than its 2014 taxes.<\/p>\n
\tA spokesman for Sweeney had no immediate comment. Spokesmen for Caesars Entertainment and Trump Entertainment Resorts declined to comment.<\/p>\n
\tScheinthal said the casino\u2019s legal staff came up with the projected tax obligations for each of Atlantic City\u2019s eight casinos using the formula called for in the bill. The staff used the 2014 tax bills of each casino to calculate the numbers, calling them \u201cpretty darn good\u201d calculations.<\/p>\n
\tThe casino calculated the tax obligations for the other seven casinos as follows based on a $120 million collective payment from all eight, an amount that would begin in the third year of the program after two years of $150 million payments:<\/p>\n
\t-Harrah\u2019s, which was charged $31.8 million in taxes this year, would pay $20.9 million, a savings of $10.8 million over 13 years.<\/p>\n
\t-The Trump Taj Mahal, which is being taken over by Icahn and was charged $27.6 million, would pay $17.8 million a year, a savings of $9.8 million.<\/p>\n
\t-Tropicana, also owned by Icahn, was charged $22.7 million and would pay $13.7 million, a savings of $9 million.<\/p>\n
\t-Caesars, which was charged $20.9 million, would pay $12 million, a savings of $8.9 million.<\/p>\n
\t-The Borgata, which was charged $30.9 million, would pay $28.2 million, a savings of $2.7 million.<\/p>\n
\t-Bally\u2019s, which is owned by Caesars Entertainment and was charged $8.3 million, would pay $10.9 million, an increase of $2.6 million.<\/p>\n
\t-Resorts, which was charged $4 million, would pay $8.2 million, an increase of $4.1 million, the largest of any Atlantic City casino.<\/p>\n
\tIn a brief interview Monday after the committee vote, Sweeney said the credit of reinvestment taxes would help the casinos whose taxes were projected to increase under the program.<\/p>\n
Posted by:<\/strong> Dr Crapology on December 14, 2014, 11:22 pm<\/p>\n \tDoc<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":" ATLANTIC CITY, N.J. (AP) \u2013 An Atlantic City casino that says its taxes would rise dramatically under a proposed tax assistance bill designed to help save the struggling seaside resort town says it will sue to block the plan \u201cand…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-8424","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=8424"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8424\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=8424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=8424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=8424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Looks like when casinos die\/close the buzzards circle to collect "their due" as we say in Texas.<\/p>\n