The Hollywood Casino in Bangor, Maine is looking to have its taxable value reduced to .38 million, from the city’s recent assessment of .18 million. The difference will cost the casino ,217 in taxes. Penn National Gaming Inc., the parent of the casino, had the fair market value of the casino in the fall of 2013 as the same .38 million, when it transferred ownership of the venue three times in a single day.
City Assessor Phil Drew rejected the basis, claiming that transfers between companies aren’t an accurate determinant of true market value. Hollywood officials have stressed that a soft economy and increased competition in the casino market justify the reduction.
The casino has sought after auditing firm Ernst & Young to provide an appraisal on the property. Drew rejected the abatement request officially with a denial letter, where he claimed basis of the abatement’s amount was based on the “owner’s opinion of value.”
