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Caesars Pleads For Tax Relief4 September 2000CORYDON, INDIANA-- September 4, 2000—As reported by The Associated Press: "The owners of the Glory of Rome riverboat casino, citing lower-than-expected gambling revenues, want its property-tax bill cut in half, but county officials have refused. "…The casino owner's request has met a stiff challenge from Harrison County officials, who argue it's unfair to other taxpayers. "…The county already has rejected Caesars' request for a 50 percent `economic obsolescence' deduction off a tax bill of about $551,000. Caesars justified the deduction - which is based on factors beyond the taxpayer's control - by saying unexpected events last year caused gambling revenues to fall below expectations. "…Caesars' gross revenues for the year totaled $157 million, lower than what some analysts expected. "… Lost admissions totaled 4.4 million, the brief said, leading to a $32.8 million loss. "The facts justify the tax break, Caesars lawyer Stephen H. Paul said Friday. "…Vonnie Stewart, the township assessor who calculated Caesars' property assessment early last year, said she is outraged that the casino operator is appealing. "Local farmers were devastated by last year's drought but none in her area asked for a tax break on their assessments, she said…" |