For Allegheny County, the winning number is 199,489,600.

That's the value, for taxing purposes, that county assessors have placed on the Rivers Casino, the North Shore slots venue that opened Aug. 9.

Whether the value proves to be a hit with others, namely the city of Pittsburgh, the city schools, or the casino itself, remains to be seen. Casino officials said they "plan to review it carefully."

"Naturally, we are surprised at the valuation," spokesman Jack Horner said. "At this rate, Rivers Casino will be paying the highest property tax of any casino in the Commonwealth."

In fact, the county said, the Rivers now has the highest assessed value of casinos in the state.

The Meadows Racetrack and Casino in Washington County, for example, has an assessed value of $19.9 million.

The $199.5 million assessed value for 2010 is far lower than the casino's $800 million project cost, which included a $50 million license fee, slot machine purchases and other expenses not calculated into the county's equation.

It's also lower than the construction cost estimate of about $300 million calculated for the property using American Institute of Architects standards.

Nonetheless, Timothy H. Johnson, the county's administrative services director, wasn't about to second guess the work of the assessors he oversees.

"I trust the staff, as I do with all the other assessed values we certify," he said.

Mr. Johnson said the value was based on the construction costs of the casino and the worth of related parcels on the 12.6-acre property.

The value was determined using the county's 2002 base-year system, one since ruled illegal, meaning construction costs were predicated on what they would have been eight years ago.

He said that's one of the big differences between the county's assessed value and the AIA estimate using 2009 construction costs.

"You've got seven years of material and labor cost increases between those two numbers," he said.

He added the county assessment was based solely on "bricks and mortar" and did not take into account the 3,000 slot machines, the architecture, or the fancy artwork or furnishings in the casino with eight bars and restaurants, a private club, a riverfront promenade and an outdoor amphitheater.

Still, the $199.5 million assessed value is the highest of any commercial property in Allegheny County besides the highest of any casino in the state, Mr. Johnson said.

At $199.5 million, the assessed value will produce a big pot (tax, not jack) for local jurisdictions. Barring a change on appeal, it will generate $935,655 in property tax revenue for the county; $2.77 million for the city schools; and $2.15 million for the city.

The county chose to value the casino based on construction costs rather than two other methods typically used: market and income.

As for market, Mr. Johnson said there were no comparables in the county against which to compare the casino. The income approach typically involves rents or leases, he said, not gambling revenue. Likewise, the county didn't think it was fair to use an income approach given that the casino has been open only since August.

The city, the Pittsburgh School District, and the casino itself all have the right to challenge the accuracy of the assessment. They have until March 31 to appeal the value.

Ira Weiss, school district solicitor, said officials are still gathering and analyzing data regarding the casino and then "will act accordingly." Whether the assessment is accurate "is impossible to say" before that review, he said.

But he added, "I think it's fairly certain that some stakeholder, be it a taxing body or the property owner, will take an appeal."

Mr. Weiss previously had criticized the county for its tardiness in establishing a full assessment for the property. The district has asked for an interim assessment that would allow it to tax the property from its opening.

City officials declined to comment.

The casino complex previously had been assessed at $7.7 million, based almost exclusively on the value of the land. The new assessment includes a $20 million land value and a $179.5 million building value.

Among the other casinos in the state, the closest to the Rivers is Presque Isle Downs and Casino in Erie with an assessed value of $114.47 million, according to a chart provided by the county. Hollywood Casino in Dauphin County has a base-year market value of $272 million but an assessed value of only $19.8 million.

Mr. Johnson said the casino is one of several large commercial developments being assessed for the first time this year.

Others include the new Dick's Sporting Goods headquarters near Pittsburgh International Airport and the Settlers Ridge shopping complex in Robinson.

The county expects to certify the values later this week.

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