Also in 2004, a federal probe began into Bally's reduction of its tax liability by 70%, which saved the casino $1 million over 3 years. It had also previously been granted an exemption on a 3% tax increased imposed on other riverboat casinos in 2001. Previously in 2002, Erroll Williams, the 3rd district assessor, assessed the riverboat at $21.6 million, noting a $33 million construction cost and a 12-year depreciation schedule. In 2004, the casino managed to have the property re-assessed by the Louisiana Tax Commission for $6.5 million, citing the market prices of former casino boats, even though Bally's was still in operation at the time. The name was later changed to Bally’s Belle of New Orleans. The riverboat casino opened in July, 1995 as Bally's New Orleans Casino and owned by Bally Entertainment.