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Attorney: Tax Dispute Settlement Part of Downward Trend in Atlantic City
By Ken Tarbous
5/25/2012
NJBIZ
A team of Duane Morris lawyers, led by Gil Brooks of the firm's Cherry Hill office, helped the Atlantic Club Casino Hotel reach a settlement agreement with Atlantic City getting the casino a $19.5 million tax credit. The team representing RIH Acquisitions NJ, LLC, which owns and trades as Atlantic Club, included Duane Morris attorneys Frank Suglia, Cathy Sakach and George Kroculick, among others. The settlement approved by A.C.'s City Council after numerous property tax appeals in the Tax Court of New Jersey, reduces the casino's taxable assessed value by more than two-thirds, from $543 million down to $165 million. The casino's multimillion dollar tax credit will reportedly be delivered in some combination of cash payments and future credits. Brooks comments on the decreasing value of casino properties in Atlantic City as a result of the recession and regional gaming competition.
To read an article on the settlement, please visit the NJBIZ website.
