In a major setback for Atlantic County and two prominent local organizations, the New Jersey appeals court has ruled against them in a high-profile casino payment in lieu of taxes (PILOT) case. The decision deals a blow to Liberty and Prosperity, as well as the county government, as they fight to secure a fair share of revenue from the Atlantic City casinos.
The case revolves around a controversial PILOT agreement that was struck between the county, Liberty and Prosperity, and several Atlantic City casinos. Under the terms of the agreement, the casinos agreed to make fixed payments to the county in lieu of traditional property taxes. However, the county and the organizations soon found themselves at odds over how much revenue they were entitled to receive.
In a scathing ruling, the appeals court sided with the casinos, stating that the PILOT agreement was legally binding and that the county and Liberty and Prosperity had no grounds to demand additional funds. The decision has left many in Atlantic County reeling, as they now face the prospect of losing out on millions of dollars in potential revenue.
Speaking to reporters outside the courthouse, a spokesperson for Liberty and Prosperity expressed disappointment at the ruling, stating that they had hoped to secure a fair deal for the county and its residents. “We believe that Atlantic County deserves its fair share of revenue from the casinos, and we will continue to fight for a better deal in the future,” the spokesperson said.
Meanwhile, officials from the county government were quick to downplay the impact of the ruling, stating that they were exploring all available options to secure a fair deal for the county. “While we are disappointed by the court’s decision, we remain committed to ensuring that Atlantic County receives its fair share of revenue from the casinos,” a spokesperson for the county said.
The ruling is expected to have far-reaching consequences for Atlantic County and its residents, as they grapple with the fallout from the contentious PILOT agreement. As the county and Liberty and Prosperity regroup and consider their next steps, many are left wondering what the future holds for their efforts to secure a fair deal from the Atlantic City casinos.
