![]() ![]() The sale of Bally's New Orleans to Columbia Sussex was announced in late 2004 and was projected to close in 2005. In late 2004, Columbia Sussex, looking to become a key player in casino operations, first expressed interest in purchasing the Bally's New Orleans property. Also in 2004, a federal probe began into Bally's reduction of its tax liability by 70%, which saved the casino $1 million over 3 years. It had also previously been granted an exemption on a 3% tax increased imposed on other riverboat casinos in 2001. Previously in 2002, Erroll Williams, the 3rd district assessor, assessed the riverboat at $21.6 million, noting a $33 million construction cost and a 12-year depreciation schedule. In 2004, the casino managed to have the property re-assessed by the Louisiana Tax Commission for $6.5 million, citing the market prices of former casino boats, even though Bally's was still in operation at the time. The name was later changed to Bally’s Belle of New Orleans. ![]() The riverboat casino opened in July, 1995 as Bally's New Orleans Casino and owned by Bally Entertainment.
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