Quick Fact – Shoddy Accounting


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El Rancho in Las Vegas, Nevada in the 1950s

1956

When auditors for Nevada reviewed its books, they discovered the El Rancho casino on the Las Vegas Strip had underpaid the requisite gambling taxes over nine quarters by $39,000 ($350,500 today). Despite the claims of owners Beldon Katleman, et. al. that they believed they’d paid the proper amount, tax commissioners assessed a 100% penalty, the largest ever in Silver State history up to that date.

Rather than fight the issue, the El Rancho forked over the tax and the fine, $78,000 ($701,000 today).

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