During a recent tour of The Mirage, Romo noted the hotel is so well appointed it carries a rating of 4.5 on a 4-point scale. Grades within each class range from low cost to excellent for exterior walls, interior finish, lighting, plumbing and mechanical, and heat. This produces a cost per square foot that is plugged into a formula, helping the assessor determine a replacement cost for the hotel. The assessors normally follow most phases of major construction, sometimes poring over hundreds of pages of contracts and other accounting documents to help figure the hotel's value. They eventually tape measure the exterior of the structure to make sure it is the size the builder purports it to be.
Size is as important as the materials used to help determine a building's replacement cost.
What's inside the hotel is just as important. One is the storage room where employee uniforms hang from a mechanical pulley system. Since the uniforms are owned by the casino, they are included in the appraisal as personal property. In fact, just about anything that is part of the hotel but can be moved is considered personal property. Furniture, wall clocks, power tools and silverware are examples.