Most gambling activities are local, and the operators have a wide variety of economic outcomes and impacts that vary from neighbourhood to neighbourhood, and it depends on the local economic conditions. Here are three ways land-based casinos can have an impact on real estate prices.
Economic Health
A casino drawing most of its customers from outside and within the local area can have positive impacts on government tax revenues and the local economy. This will, in return, help to generate jobs for the community. If the community thrives under these economic conditions, it will likely push up housing costs in the area.
Commercial Location
Casinos located in a vibrant commercial location are likely to have positive impacts on nearby home values. Commercial properties like shopping centres, malls, and other infrastructure projects can also have a positive impact on the community.
These impacts may involve enhanced amenities and facilities that will benefit the community as a whole. The casino could likely create a vibrant commercial district in a formerly economically depressed area. The value created by these establishments would accrue to housing and other real estate projects.
Tourism Attractions
It is estimated that the value of homes will rise sharply in an area where tourism and related attractions have a profound impact on the economy. The introduction of a land-based casino or a real money online casino into an area that is rich in tourism and culture will lead to the value of homes skyrocketing in the community.
The impact on home prices needs to be weighed against the impact of the establishment of a casino in a specific location or community. There are many positive impacts that need to be considered, like job creation and higher local incomes.
