Harrah's Reno not for sale; confusion on value

If there was any confusion, Harrah's Reno is not for sale, its owner says. As reported by The AP, any confusion stems from a state tax panel meeting in Carson City, Nev., where a Harrah's consultant indicated the property was in need of repairs and only worth about $8 million.

The confusion stems from the $8 million, which was reportedly a reference to the ground beaneath the building, not the hotel itself.

"We have no plans to sell. It's a viable business," Gary Thompson, a spokesman for Caesars Entertainment, the casino's parent company, told the Reno Gazette-Journal.

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 928-room hotel-casino in two towers is worth $8.8 million.

John Knott, a Harrah's consultant, told the board on Monday that the property is not in good condition and estimated needed improvements would cost $19 million.
 

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