Atlantic City Casino Tax Refunds Increase Borrowing Costs
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Atlantic City’s borrowing costs have risen as much as 21 percent since 2012 as the New Jersey gambling resort increases debt to refund property-tax bills appealed by casinos struggling with a seven-year business slump.
Investors in the $3.7 trillion municipal market are punishing Atlantic City as gambling revenue slides amid competition from nearby states. New Jersey is three years into Governor Chris Christie’s five-year plan to turn around the oceanside city, which is showing few signs of recovery, even as the state legalizes Internet wagering.