- Associated Press - Tuesday, June 24, 2014

ATLANTIC CITY, N.J. (AP) - Another Atlantic City casino is in for big tax savings following a deal it negotiated with the city.

Resorts Casino Hotel will see its assessment slashed by a third over the next two years, and will save about $1.3 million in taxes over that period.

The Press of Atlantic City reports (https://bit.ly/1nBA3zz ) the settlement was reached last month and revealed this week after a public records request.

The casino’s assessed value will fall from $165 million in 2013 to $120 million this year, and $110 million next year.

Resorts is dropping its appeal of this year’s taxes.

It is the latest in a series of successful casino tax appeals that have cost the city money.

The casinos are worth less now because of the decline in Atlantic City’s gambling market.

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Information from: The Press of Atlantic City (N.J.), https://www.pressofatlanticcity.com

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