The New Jersey Division of Gaming Enforcement has recently revealed that Borgata, the renowned Atlantic City casino, has underpaid its online gambling taxes by a staggering $1.1 million. This shocking revelation has sent shockwaves throughout the gambling industry and raised questions about the casino’s compliance with state regulations.
According to the Division of Gaming Enforcement, Borgata failed to properly report and pay taxes on online gambling revenues between 2014 and 2016. The casino allegedly understated its revenue by over $100 million during this period, resulting in the massive tax discrepancy. The Division has issued a notice to Borgata demanding payment of the outstanding taxes, along with penalties and interest totaling $1.1 million.
The news of Borgata’s underpayment has raised concerns about the oversight of online gambling in New Jersey. The state legalized online gambling in 2013 in an effort to boost revenue and provide a safe and regulated environment for players. However, this incident has highlighted the challenges of monitoring and enforcing compliance in the rapidly evolving online gambling industry.
Borgata, which is owned by MGM Resorts International, has responded to the allegations by stating that it is cooperating fully with the Division of Gaming Enforcement and is committed to resolving the issue promptly. The casino has also pledged to review its internal controls and procedures to ensure that similar discrepancies do not occur in the future.
The underpayment scandal has cast a shadow over Borgata, which has long been regarded as Atlantic City’s top casino. Known for its luxurious accommodations, high-end dining, and top-notch entertainment, Borgata has been a major player in New Jersey’s gambling industry since it opened in 2003. The casino’s online gambling platform, Borgata Online, has also been a popular destination for players seeking a wide range of casino games and sports betting options.
Despite this setback, Borgata remains a key player in New Jersey’s gambling landscape. The casino has pledged to work with regulators to address the tax issue and ensure compliance with state laws. As the situation continues to unfold, the industry will be closely watching to see how Borgata navigates this latest challenge and maintains its reputation as a leader in the Atlantic City gambling market.
