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1/15/2003 Casino giants are Nevada's largest property taxpayers Given the history of the gambling industry in Nevada, it is interesting that today the casino giants are listed as Nevada?s top taxpayers. In her annual report on state government, State Controller Kathy Augustine, reported that six casino companies are in the top 10 list of the largest property taxpayers in Nevada. MGM MIRAGE is the biggest with an assessed value (35 percent of full cash value) of US$1.4 billion with properties such as the MGM Grand, Bellagio and The Mirage. Second was Park Place Entertainment Corp., which owns Caesars Palace, valued at US$883.8 million, followed by Mandalay Resort Group at $771.6 million. Power companies Nevada Power Co. (US$644 million) and Sierra Pacific Power (US$406.6 million) were next in line. These were followed by developer, Rouse Co. (US$360.9 million). Then came The Venetian resort at $322.1 million, Newmont Gold Co. at $310.8 million, Harrah's Entertainment at $273.3 million and Station Casinos Inc. at $267.2 million. Augustine said the state's economy has continued to decline in the aftermath of September 11, stating that gaming revenues increased by 2.5 percent in fiscal year 2001 but fell by 2.9 percent in fiscal year 2002. "Declines were especially pronounced on the games and tables side where win (the amount taken in by the house) was down 7.2 percent," she said. "Win was off by just 0.5 percent for the less volatile slots." However, she ended on a cautiously optimistic note, stating, ?As with the U.S. economy, recovery in the Silver State will likely be relatively weak, especially when measured against the high-growth period covering much of the 1990s and early 2000s?. However, expectations are for Nevada to experience a significant, but gradual rebound.? |
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