Borgata forces Atlantic City to pay tax refunds

Borgata Hotel Casino and Spa has lost its patience as it demanded debtors to payback.

The Atlantic City missed to make a payment of $62.5 million for 2009 and 2010 property-tax refund it owed Borgata Casino and Spa in December.

Lawyers of casino will head to Midtown courtroom on Friday to ask the judge to pressure Atlantic City to pay the refunds, a move that could end in seizure of some of the seaside gambling resort’s assets or even bankruptcy.

Borgata, the state’s top grossing casino, was initially assessed a value of $2.26 billion in 2010 but that was reduced to $880 million by the Tax Court of New Jersey in 2013.