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 Golden Nugget to sue over Atlantic City tax aid plan, says it hurts smaller casinos

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Golden Nugget to sue over Atlantic City tax aid plan, says it hurts smaller casinos Vide
PostSubject: Golden Nugget to sue over Atlantic City tax aid plan, says it hurts smaller casinos   Golden Nugget to sue over Atlantic City tax aid plan, says it hurts smaller casinos Icon_minitimeFri Dec 12, 2014 1:03 am
An Atlantic City casino that says its taxes would rise dramatically under a proposed tax assistance bill designed to help save the struggling seaside resort town says it will sue to block the plan "and blow this whole thing up."

The Golden Nugget said Thursday its calculations of the amount each casino would pay under a proposed payment in lieu of taxes drastically raises taxes for it, Resorts and Bally's — three of the city's smaller casinos — while giving huge tax breaks to big casinos owned or soon to be owned by billionaire Carl Icahn and gambling giant Caesars Entertainment.

The casino's general counsel, Steve Scheinthal, told The Associated Press the bill sponsored by state Senate President Steve Sweeney unfairly hurts the smaller casinos.

"This is Robin Hood taking from the poor to give to the rich," Scheinthal said. "It takes our taxes from $4.7 million to $8.1 million. We're not happy. We are going to go to court and blow this whole thing up."

He said Golden Nugget owner Tilman Fertitta will seek a court order blocking the legislation if Gov. Chris Christie signs it.

Scheinthal said he spoke with Sweeney's staff, which assured him that an amendment introduced in a state Senate committee Monday would help protect the casino. The amendment would give a tax credit to any casino whose payments under the alternative tax plan would be higher than their 2014 taxes.

http://www.foxbusiness.com/markets/2014/12/11/golden-nugget-to-sue-over-atlantic-city-tax-aid-plan-says-it-hurts-smaller/
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