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New Jersey sells bonds for casino of AC gambling financing

New Jersey had to sell more than 68 million dollars in the form of bonds to fill the lawful military chest and to survey tax appeals with the ex and present Atlantic City casinos.

New Jersey sells bonds for casino

The press of Atlantic City has informed that New Jersey has released bonds with interest rates of 4,1% on Wednesday against the background of legal funds reduction.

The state comments that bonds which have been sold at a good rate will stimulate their legal calculations with Caesars Atlantic City, Bally’s Atlantic City, Golden Nugget Atlantic City, Tropicana Atlantic City, Harrah’s Resort, the former Trump Plaza Hotel and Casino and the former Trump Taj Mahal Casino Resort.

New Jersey appointed the former senator of the USA Jeffrey S. Chiesa to head efforts on financial restoration in Atlantic City.

“Atlantic City gets excellent access to bond market now that is surprising for the city which considered bankruptcy before we have interfered to operate the finance”, Chiesa said in a statement, according to the report. “The fact that the city received insurance on bonds and sold bonds at low price, means that it is well-positioned to responsibly pay down the tax refunds it owes to casinos while preserving critical public services.”

Chiesa has assessed the cost of appeals on the property tax and two appeals on non-casino taxes of 71,1 mln. US dollars. Records have shown that the state still should settle tax addresses of Baly’s, Golden Nugget, Caesars and Harrah’s for 2016.

On the other hand, Tropicana follows the state for the tax settlement covering 2015 and 2016.

The closed Trump Taj Mahal and Trump Plaza also look for tax calculations for 2014-2016 and 2014 -2017, respectively.

It is not the first case when New Jersey has established a multimillion tax appeal under the governing of Chiesa.

In February Borgata Hotel Casino & Spa and the state have achieved a negotiated settlement of 72 million US dollars. Originally Atlantic City has run into 165-million-dollar debt to Borgata, but after the settlement the sum was reduced to 72 million dollars.

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