Do you think a Casino in my area willl have a positive or negative affect on property values?

  • July 30 2010 - Revere
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Answers (12)

In many areas, there will be a positive effect, except where traffic, noise, and lights are an immediate concern.  I would foresee more residential housing being converted to commercial (gas, etc) uses.  Otherwise, mulitfamily and lower to midlevel residential would profit from the increase in jobs for that demographic.
Best of luck,
Meg
  • August 12 2010
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A casino is one factor in a complex equation that determines value.  There are also different types of zoning that limits how land can be used to take advantage of a casino.

Let's take a look at residential zoning.  Families generally want safe and quiet neighborhoods to raise their children.  A casino would generally be a negative in that regard except for families in the demographic which make up the bulk of the casino's employees.  Many of those families will probably want to live close to the casino.  With that said, I expect low density residential zoning to lose value and high density residential zoning to hold or gain value.

Commercial zoning suited for businesses complementary to casinos will likely see an increase in value.

All the possible positive changes in value will be affected by the quality of transportation links as prior posters have pointed out.

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Cheers.
  • August 06 2010
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Profile picture for lmw94002
I grew up in SE CT while they were building the casinos and visit them frequently.  Ever drive Rt 2 with traffic?  Now that is brutal and one lane most of the way. 

I also now live in the Wonderland area in Revere.  Suffolk Downs would be a decent site I would think.  However I would not expect a resort-style place on the scale such as Foxwoods / Mohegan, more of the smaller style casinos you see out in areas in Minnesota.  Something about say "2/3" the scale of a Mohegan/Foxwoods.  I think that would be good for the community.

The commute is pretty bad on Route1A.  And we all know noone knows how to drive in the Rotaries and Bell Circle is one of the worst.  But I do believe there is potential for improving the traffic flow.  Convert some more of the roads to one-way.  Some areas could have the roads widened.  A few of the changes they have made near the beach has already helped.

Casino or not, I would like to think the area will improve on its own.  New schools, fire and police stations.  The "wonderland transit district" or whatever they call it appears to be moving forward.  It's still a reasonable commute to the city and you're near the ocean.
  • August 04 2010
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The casinos that have been debated are mostly resort type casinos that will compete with Foxwoods and The Mohegan Sun both in CT.  These are rather large campus style multiple hotels and large foot print properties.  I just don't see how the current infrastructure road ways can support this in the East Boston / Revere area.  If that could be solved, then this area has mostly multi-unit dwellings -- single family properties are further away West Revere -- also orient heights.  I think it would have positive value impact only if the roads could handle more traffic.  Boston suffers from road ways being formed when there where only horse drawn carriages.  It is not like the Midwest or West Coast.  Both East Boston and Revere have suffered in large Condominium complexes failing to built; East Boston's Jefferies Point and Revere's Revere Beach; both on the water.  If somehow the traffic could be fixed, then these two projects might actually get built. 
  • July 31 2010
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Profile picture for Mr Caveat
negative, look at Las Vegas!!! just kidding!

i think the Jobs thing is way more important than the traffic thing, even if you are talking about a world-class resort like snoqualmie casino. with a small time casino, the traffic impact will be no bigger than a movie theater or a nice restaurant, probably.

i think it comes back less to traffic, but rather how nice the casino is. some of those places could drive detroit property values down.
  • July 31 2010
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I agree, East Boston /Revere could suffer enormously from the increased traffic. My sense however is that housing values would be a "double edged sword". While values in the more family friendly areas  and single family homes might be hurt, the jobs created would be an immediate boost to the multi-family stock much of which is in need of renovation or has condominium conversion potential. 
  • July 31 2010
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If the Casinos were built in Revere / East Boston,  I don't see how they could control the traffic problem; without resorting to eminent domain.  There are only 2 lane roads each side and the traffic from Logan and the tunnels out of Boston already back up during rush hour.  There are two rotaries that connect 1A north, RT 16 and RT 60.  This whole section would need to be reworked to have traffic flow.  I live North of Boston and would welcome a Casino in this area I just don't see how it is feasible.  Foxwoods in CT is in the middle of no where and easily accessible.  I think it would have to be West of Boston or South not enough land North.  Another consideration if the public has to bear the cost of another Ted Williams tunnel project, then I am opposed.  If it is all privately funded, then I have no problem with Casinos or any other major development.
  • July 31 2010
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Profile picture for sunnyview
From what I have seen, no. There have been several casinos that were built near places that I have lived in the past. Although there were always concerns up front about traffic, noise, vice etc., the casinos seem to be decent neighbors unless you bordered their property directly. They did bring jobs, tourism dollars and a certain level of stable employment to the community.

I am was not for them before they were built, but I have seen no bad impacts.
  • July 31 2010
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I also don't think the Wonderland/Suffolk Downs location has the roads infrastructure to support a resort casino.  The traffic in this area now is out of control commuting in and out of Boston.
  • July 31 2010
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 Sean,

I think we won't see a casino built on the North Shore of Boston.  From what I understand I think the South Shore or West of Boston will get a casino.  I think it depends on the area where the Casino is built. Fall River or New Bedford area would most likely benefit since there is not a lot of the traditional employment down there any longer.  The MBTA commuter rail would need to be extended down to that area as well.  I really don't think the East Boston plan will happen.  Lastly I think the Governor said yesterday that he will not sign the bill allowing Casino gambling but that can change.  Here are the proposed locations
  • July 31 2010
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A casino can employ a lot of people

  • July 31 2010
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Profile picture for jimmyg423
Most likely to have a positive affect on property values. Casinos usually attract development and entertainment zones.
  • July 30 2010
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