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November 14, 2009

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State board sides with county in Stratosphere tax dispute

Friday, July 18, 1997 | 2:03 a.m.

Had the State Board of Equalization ruled in favor of Stratosphere Thursday, the Las Vegas casino operator would have received a $173,000 refund from the county. However, the board ruled the county assessor's office did its job correctly.

The board, meeting at McCarran International Airport, took testimony from the county and resort officials in a dispute over the taxable value of Stratosphere's personal property. This includes items such as furniture, gaming machines and tables, and signs.

The assessor's office set that value at $55,751,855, using the same cost approach it uses for other hotel-casinos. Stratosphere, however, which is in the midst of Chapter 11 bankruptcy proceedings, came up with $39,180,779 using another accounting approach based on the casino's income.

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