Japanese lawmakers have submitted a bill to the Japanese Parliament which would legalize casinos in Japan. The bill, which apparently has cross party support, including from Japan’s ruling Liberal Democratic Party, is the culmination of recent momentum prompted by the 2020 Olympics being awarded to Tokyo.
Duane Morris Helps Secure $19.5 Million Tax Credit for Casino
A team of Duane Morris lawyers, led by Gil Brooks of the firm’s Cherry Hill office, helped the Atlantic Club Casino Hotel reach a settlement agreement with Atlantic City getting the casino a $19.5 million tax credit. The team representing RIH Acquisitions NJ, LLC, which owns and trades as Atlantic Club, included Duane Morris attorneys Frank Suglia, Cathy Sakach and George Kroculick, among others. The settlement approved by A.C.’s City Council after numerous property tax appeals in the Tax Court of New Jersey, reduces the casino’s taxable assessed value by more than two-thirds, from $543 million down to $165 million. The casino’s multimillion dollar tax credit will reportedly be delivered in some combination of cash payments and future credits.
To read articles on the settlement, please visit the Press of Atlantic City and NJBIZ.