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KCCI’s Laura Terrell attended a board meeting where Prairie Meadows officials reported that the IRS is withdrawing its challenge of the casino’s tax exempt status.

An IRS report released in June said Prairie Meadows should lose its tax-exempt status, and that the casino owed more than $60 million in back taxes.

Prairie Meadows CEO Gary Palmer said the IRS still has some issues with the casino’s income, and that the casino should owe $1 million instead of $60 million.

Palmer called the update “great news.”
 
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