New Jersey says Borgata, Atlantic City's top casino, underpaid its online gambling taxes by $1.1M [Financial Post (Toronto, Ontario, Canada)]
MGM Resorts International (MGM)
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Source: Financial Post
ATLANTIC CITY, N.J. (AP) — New Jersey gambling regulators say Atlantic City's top-performing casino, the Borgata, underpaid some of its internet gambling taxes twice by taking almost $15 million more in credits than it was entitled to. That led the casino to pay $1.1 million less in taxes than it should have. The state Division of Gaming Enforcement said the casino was ordered to pay the full amount of taxes due, with penalties and interest totaling $1.3 million. The Borgata also will pay $75,000 as a civil penalty, the state said. State officials could not immediately say Thursday whether the money has yet been paid, although a document posted on the division's web site noted that the underpayment of taxes “was remedied quickly in each case.” “The Division views this matter as serious,” its acting director, Mary Jo Flaherty, wrote in an Aug. 15 letter to the Borgata. “The original violation was an understatement of gross revenue by almost $10 million. This second underst
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- Atlantic City's top casino underpaid its online gambling taxes by $1.1M, regulators say [Yahoo! Finance Canada]Yahoo! Finance Canada
MGM
Earnings
- 7/31/24 - Beat
MGM
Sec Filings
- 9/13/24 - Form 4
- 9/13/24 - Form 4
- 9/13/24 - Form 144
- MGM's page on the SEC website