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Downtown Reno casino numbers rise

RENO, Nevada – As reported by the Reno Gazette-Journal: "Downtown Reno casino profits finally are going up after a long, downhill slide brought on by competition from Indian casinos in California and mega-resorts in Las Vegas, and the Sept. 11, 2001, terrorist attacks.

"The Washoe County assessor's staff said profits for casinos in downtown Reno and Sparks were up in the 2005-06 fiscal year that ended June 30, meaning the taxable values are higher in 2007-08.

"For the first time in at least a decade, no Reno or Sparks casino lost taxable value.

"…Values for downtown Reno casinos rose $43.6 million, based on their incomes for the fiscal year, Stafford said. Seven casinos rose in value while two stayed the same.

"That's a big contrast to the $73 million in casino taxable values written off for eight downtown Reno casinos in the 2006-07 tax year that ends June 30. The revenue loss forced the Reno Redevelopment Agency to extend its life another 10 years to refinance bonds and lower its annual debt payments…"

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