Tax assessor drops value of Harrah’s Reno
By Cy Ryan, Las Vegas Sun
CARSON CITY — Harrah’s in Reno is in bad shape and it won a reduction in its taxable value from the state Board of Equalization this week.
But it’s far short of what the hotel-casino sought.
The Washoe County’s Assessor’s Office set the value at $20.5 million, and the board — after three deadlocked votes — put the taxable value at $16.2 million. Harrah’s suggested the value at $8.8 million, said Mark Stafford of the assessor’s office.
John Knott, a consultant for Harrah’s, told the board the 928-room hotel was not in good condition and it would take $19 million to make needed improvements.
This is the company that will come up with tens of millions of dollars to remodel the highway frontages of their Tahoe casinos?
Need to sell a lot of croissants and lattés to cover that expense. Maybe they will recoup the expense with that big chili cook-off.
While the Reno gaming market certainly has had to deal with some headwinds in recent years, some casinos, such as the El Dorado right there in downtown with Harrah’s, are doing fine!
Clearly even though it’s a large corp., with a lot of high paid execs., Caesars Corp. doesn’t have the expertise of other gaming companies! For starters, in Reno, just like in Tahoe, Caesars Corp. focus is on how to cut its way to prosperity. Not on how to build a good product!
One would think Caesars would look at its poor results in Reno, and overall, and realize they have the wrong focus? Hopefully they eventually will, before conditions deteriorate further?!