Posted by R R on April 02, 2005 at 19:21:38:
Thanks Jt and Bh
Investing near casinos, your experiences… - Posted by R R
Posted by R R on April 02, 2005 at 15:55:44:
What are your experiences investing near new casinos or areas that will become casino areas,any studies regarding this matter,Do the properties usually appreciate after or during casinos developments?
Any insights will be appreciated.
Re: Investing near casinos, your experiences… - Posted by Mr.Big
Posted by Mr.Big on April 06, 2005 at 18:08:40:
Every study I have seen indicates that the overall impact on the community is NEGATIVE. What the casino brings to the community in low wage jobs and taxes is far less than what it takes out in gambling losses and services. Those who invest in businesses and real estate always regret it and quite frequently end up in bankruptcy.
I am only talking about the finacial impact, the other effects are even worse.
Re: Investing near casinos, your experiences… - Posted by Bill H
Posted by Bill H on April 02, 2005 at 18:33:14:
The only thing we see here on the Gulf Coast of MS (8 Casinos at present, three more being built) is that the high end condo market is booming. They are sold out before construction starts…how long will it last? Casinos have been here for about 13 years now.
Lots of infastructure problems, traffic, water & sewer, crime is up, went for about 15 pawn shops to a high of 125, down a bit now though, about 18,000 jobs, mostly in low wage ($6.00 to $8.00 per hour)area, housekeeping, “rent-a-cop security”, cooks, buffet service, etc.
Dealers, with tokes make about $16.00 per hour. Hosts from $40K up depending on their position.
Prices on housing moved up sharply immediately after the casinos opened and have now leveled off a bit. Rental market is up and down…lots of snow-birds.
Probably at least one gambling addiction suicide per week.
What else would you like to know?
Good Luck,
Bill H
Place seems to be becoming another Gulf Coast Resort area.
That Giant SUCKING sound… - Posted by JT-IN
Posted by JT-IN on April 02, 2005 at 17:00:23:
That giant sucking sound that you hear is the Casino pulling ALL the $$$ out of peoples pockets… Casino’s have a track record of COMMANDING every $$$ in site, leaving hardly anything left for anyone else.
They do create jobs, however most of the folks that work there will have some kind of a credit issue… There is usually very little other commercial spin off business around the Casino’s, except maybe a Bar or two for the after work employee hangouts… Rentals are OK, but I have screened a bunch of their people… In all, I have sold one house to one of their employees and refused many more of them for rental or L/O deals.
The Casino’s will do far more harm to the economy when the total sum is tallied up… IMO. This is taking into account the folks who cannot afford to lose what they lose, and the hardship that they bring… I live near 3 large Casino’s, and have quite a bit of experience with the fallout…
Thinking back to the origins of the Casino’s, there were quite a few of the properties that were in close proximity to where they were built, that traded hands frequently. There was some money made on that… but I am not high on long term investing prognosis near them. Obviously if you could own the property that they ultimately end up developing, that would be a large hit… I know of a guy who Leases the property to one of the the Casino’s, and he has the next best thing to owning a Gov’t Mint printing machine… while the masses fork it over by the buschel basket full… and suffer financial difficulties losing what they cannot afford to lose.
I guess you could say I am not too high on the idea… since I’ve recently seen a good friend of mine loose about everything he has due to a gambling addiction… Having been an employer who competed aganst them for employees, they definitely hurt small businesses around them, as you cannot compete against someone who has a license to print money… When they need help, they simply price you out of the market…
You say… what does this all have to do with RE investing…? Plenty… Consumers are losing $$$ to the Casino… The only local money the Casino is spending is on Salaries, so it is a net loss of revenue to the area… at least based on what I have experienced…
JT-IN
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