RENO, Nev. (AP) - The owner of Harrah's Reno wants to make clear the downtown hotel casino is not for sale.

Gary Thompson, a spokesman for Caesars Entertainment, says any confusion stems from a state tax panel meeting in Carson City on Monday where a Harrah's consultant indicated the property built in the 1960s was in need of repairs and only worth about $8 million.

Thompson told the Reno Gazette-Journal on Wednesday the $8 million is the value of the real property, not the value of the business itself. He says Harrah's Reno is not for sale, and certainly not for $8 million.

The state Board of Equalization agreed to lower the property's taxable value from $20.5 million to $16.2 million. Harrah's argued the building is worth $8.8 million.

Copyright 2015 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.