Borgata and Atlantic City strike $72M tax payment deal

All is now well between Atlantic City and Borgata casino.

Atlantic City, New Jersey’s fiscally struggling casino hub, agrees to pay Borgata US$72 million to finally put a closure to the long-running property tax dispute that has helped push the city over the edge of bankruptcy.

Former U.S. senator and New Jersey attorney general Jeff Chiesa announced on Wednesday that Borgata agreed to take less than half of the US$165 million that the city owed the casino from a series of successful tax appeals the gambling hall filed.

“The settlement took both sides working closely together to find common ground,” New Jersey’s state overseer said, according to The Associated Press.