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Updated over 12 years ago,
What will a casino do for property values?
I've got a friend who said that an indian casino is going to be built next door to his small neigborhood (50-60 homes in neighborhood) -- the casino property will be directly adjacent to the neighborhood (as-in sharing a common boundary line). And, they will both share a common entrance road off the main access road (casino will have other access, but this is the only neighborhood access -- there will be no pass-through traffic in the neighborhood).
My thoughts are that it can be bad or good -- values could go up if the casino creates a commercial growth response and a developer wants the small neighborhood for a commercial project, golf course or something along those lines. But, as far as residential goes, I think it is bad. Too close to the "evil" gambling and the threat of increased crime (whether true or not, the perception will detract) and any casino workers that want to buy to be close to work will be lower income people, so at best they will maintain market level (but based on my friend's income level, I think they will be a step down).
What are BP's thoughts on the situation?