Hollywood Casino in Maine reaches deal in tax dispute

The assessment of the casino property as of April 1, 2015, has been reduced to $82.5 million, down from $97.4 million. Hollywood Casino also dropped its challenges to the April 2014 assessment. For April 2016 and 2017, the assessment will be “normalized” at $80 million.

The dispute over the true value of the Hollywood Casino property has lingered since early 2015, when the casino initially filed an abatement request with the city, alleging Bangor had overvalued Hollywood’s Main Street properties and leases by $36.8 million.

City Assessor Phillip Drew and the city’s board of assessment appeals denied that request.

Later that year, the casino filed another appeal with the Maine State Board of Property Tax Review, raising the stakes by claiming the city overvalued its Main Street gaming properties and leases by $61.98 million, more than half the venue’s total assessed value.

That board was expected to hold hearings this summer to resolve the dispute, but the city and casino have been working on their own resolution.

“We are pleased to have reached an amicable agreement with the city of Bangor and look forward to continuing our mutually beneficial relationship for years to come,” Jose Flores, general manager of the casino, said.

“The settlement is fair and provides certainty for the city’s finances going forward,” Drew said.