Atlantic City, NJ – In a shocking turn of events, New Jersey officials have accused Borgata, the city’s top casino, of underpaying its online gambling taxes by a staggering $1.1 million.
According to a recent report by the state’s Division of Gaming Enforcement, Borgata failed to properly report and pay taxes on online gambling revenue dating back to 2016. The casino allegedly took advantage of a loophole in the state’s regulations, allowing them to underreport their earnings and evade paying their fair share of taxes.
The news has sent shockwaves through the gambling industry in Atlantic City, which has been struggling to recover from the devastating impact of the COVID-19 pandemic. Borgata, known for its luxurious amenities and high-stakes gambling, has long been seen as a cornerstone of the city’s economy.
“This is a serious breach of trust and a betrayal of the people of New Jersey,” said state Attorney General Gurbir Grewal. “We will not tolerate tax evasion by any company, especially one as prominent as Borgata.”
The allegations against Borgata come at a time when the casino industry in Atlantic City is facing increased scrutiny from state regulators. The Division of Gaming Enforcement has recently cracked down on several other casinos for various violations, including money laundering and underage gambling.
In response to the accusations, Borgata released a statement denying any wrongdoing and vowing to cooperate fully with the state’s investigation.
“We take our legal obligations seriously and have always acted in good faith when it comes to paying our taxes,” the statement read. “We will work closely with regulators to address any concerns and ensure that this issue is resolved quickly and fairly.”
Despite Borgata’s assurances, the news has raised concerns among residents and officials in Atlantic City about the integrity of the city’s gambling industry. Many fear that the allegations against Borgata could tarnish the city’s reputation and drive away tourists and investors.
“We cannot afford to have our top casino embroiled in a scandal of this magnitude,” said Atlantic City Mayor Marty Small. “We need to hold Borgata and all other casinos in the city accountable for their actions and make sure they are playing by the rules.”
As the investigation into Borgata’s alleged tax evasion continues, residents and officials in Atlantic City are left wondering what the future holds for one of the city’s most iconic casinos. Will Borgata be able to regain the trust of the community and repair its tarnished reputation, or will this scandal mark the beginning of the end for Atlantic City’s top casino? Only time will tell.
