Thursday, May 18, 2006

As reported by the Press of Atlantic City: "When a state Tax Court judge
ruled last week that the resort owes Sands Casino Hotel about $3.29 million
for excess taxes charged over four years in the late 1990s, the city avoided
owing most of the $15 million in claims that were under appeal. "In his
landmark 84-page decision, Judge Vito L. Bianco upheld the city's original
1996 assessment and laid out for the first time how to properly assess a New
Jersey casino. "If the court had sided with Sands and ruled the city had
overassessed the casino, it could have set a precedent that may have forced
the resort to turn to residents and businesses to make up the balance,
potentially leading to tens of millions of dollars in extra taxes. The
casino industry accounts for about 80 percent of the resort's property
taxes.

"...Bianco's ruling may save the city millions in future legal fees
associated with the now-numerous tax appeals by providing guidelines for the
city and the casinos to resolve tax disputes without going to court..."