September 2, 2014
CARSON CITY, Nev. (AP) - A state tax panel has ordered a $4 million reduction in the taxable value of Harrah's hotel-casino in Reno but Harrah's officials say it's still about twice as much as the $8 million they think they could get if they tried to sell the aging property.
The Washoe County Assessor's Office had set the value at $20.5 million compared to the $8.8 million Harrah's claims the high-rise is worth.
The Las Vegas Sun reports the state Board of Equalization voted Monday to put the taxable value at $16.2 million.
John Knott, a Harrah's consultant, told the board the 928-room hotel is not in good condition and estimates the necessary improvements would cost $19 million.
He said Harrah's parent company, Caesars Entertainment, probably would sell it for $8 million.