Trump Entertainment Gets $54M Over Property Taxes
Atlantic City will give Trump Entertainment $54 million in property tax credits to settle the company’s challenge to its real estate assessment.
City Finance Director Michael Stinson says the largest credit given to a single city casino owner will lead to a large downsizing of the city’s ratable base.
Atlantic City’s casinos have been challenging their assessments because of the real estate and economic downturn.
The settlement with Trump covers taxes paid by Trump Taj Mahal, Trump Plaza and the property formerly known as Trump Marina between 2008 and 2012. Trump Marina was sold last year and now operates as Golden Nugget.
(Copyright 2012 by The Associated Press. All Rights Reserved.)