Atlantic City, New Jersey's fiscally struggling casino hub, must pay the Borgata Hotel Casino & Spa $63 million it overcharged in taxes.
A state appeals court affirmed a $48 million tax refund and about $15 million in interest for two years, the Associated Press reported earlier Monday, citing a court ruling.
"We appreciate the Appellate Division's quick decision unanimously affirming Judge DeAlmeida's comprehensive and well- reasoned written decision in which he determined that the city had unlawfully overcharged" the casino, Tom Ballance, Borgata's president and chief operating officer, said in an e-mailed statement.
Atlantic City, once the home to the only casinos on the East Coast, has struggled as nearby Maryland, Pennsylvania and Delaware have legalized gambling. New Jersey's casino revenue dropped to $2.9 billion last year from $5.2 billion in 2006. Four of its 12 casinos closed in 2014.
The state legislature last month passed a bill that would require the city's casinos to make payments in lieu of taxes. Governor Chris Christie has yet to act on it.
Chris Filiciello, Atlantic City Mayor Don Guardian's chief of staff, didn't immediately return a call for comment. Christie in January appointed an emergency manager to devise a recovery plan for the community.
