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Resorts casino saves $1.3M through tax appeal

ATLANTIC CITY (AP) ā€” Another Atlantic City casino is in for big tax savings following a deal it negotiated with the city.

Resorts Casino Hotel in Atlantic City
Resorts Casino Hotel in Atlantic City (AP Photo/Wayne Parry)

Resorts Casino Hotel will see its assessment slashed by a third over the next two years, and will save about $1.3 million in taxes over that period.

The Press of Atlantic City reports the settlement was reached last month and revealed this week after a public records request.

The casino’s assessed value will fall from $165 million in 2013 to $120 million this year, and $110 million next year.

Resorts is dropping its appeal of this year’s taxes.

It is the latest in a series of successful casino tax appeals that have cost the city money.

The casinos are worth less now because of the decline in Atlantic City’s gambling market.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed)

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