NJ Tax Court Chops $1.4B From Borgata's Assessed Value

Law360, New York (October 21, 2013, 6:18 PM EDT) -- The Tax Court of New Jersey chopped $1.38 billion from the 2009 and 2010 assessed values of the Borgata Hotel and Casino, saying Friday that the economic downturn coupled with an increase in regional competition undermined the casino’s value despite extensive upgrades to the property.

The court ruled that the Atlantic City casino and hotel’s true market value was $880 million in 2009 and $870 million in 2010, a hefty decrease from the approximately $2.26 billion value assessed for each of those years by the municipality....
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