No risk would be keeping the money in your pocket and walking away because gambling is a pretty bad idea in the first place (I work in casinos, so don't tell my boss I said that). 

Its in the same Tri Cities area mentioned above, but it has the new Casino going in so there is a lot of potential.

I know their major employers are auto makers and casinos.

Not to say there aren't people who are great developers and make money doing it, but I would say it is not the best way to get started in real estate.   15 acres of raw land sounds like a deal for someone who has made plenty of money doing a variety of deals and now wants to go to the casino to take some of those winnings and double down.Only you know your plan.....I think you start with what the city wants to be there. 

I did enjoy going to all the casinos with all the great poker action.I also enjoy buying 35k properties that I can rent for $800. 

Here in Ohio 50 million dollar license fee to start a casino.

A former Structural enginee:  designed airports, casinos, 1M+ sf industrial buildings.

The main difference between you and I might be that I'm using a property manager to take care of bed bugs and toilets, which goes against your final point about having better luck at a casino.

You mentioned this property is near new casino construction.