New York approved licenses for three large casino resorts across the state at the end of last year. At least one, which is to be an 80,000 ft.² casino with hotel rooms and a spa is already being constructed.
An article in finance.yahoo.com points out that even though casino gambling is still heavily restricted in the US, being regulated on the state level and on Indian reservations, there are a number of places that are emerging as gambling destinations. At the moment, according to the American Gaming Association around 40 states have casinos.
States that are becoming known as gambling destinations include Maryland, Massachusetts and Pennsylvania in the North-East, while Kansas and Ohio are becoming known for their casinos in the Midwest. It might be fun to spend a few days or a weekend at a casino, but many resorts are beginning to promote what could be called a casino lifestyle. They include five-star dining and spas and are becoming increasingly popular to young families with attractions such as bowling alleys and arcades. This may be worth considering if you are thinking of buying a property in a quieter location but which has a casino as it could significantly boost your opportunities for entertainment and leisure.
While lots of casinos have mega mansions and luxury condos with gorgeous views, some homes are very close to the casinos and tend to be priced a little cheaper. Apparently, data from the National Association of Realtors shows that living close by to a casino can lower home prices by between 2% and 10%. Additionally, having a home close to a casino could make it much easier to rent it out in the future and may be worth considering if renting is a possibility. Casinos also offer lots of employment and renters will be looking for somewhere where they can easily get to work.
However it is worth considering the negatives of living in a casino town. Even though city planners often take quite a bit of care in considering the locals and planning for additional traffic, it isn’t always sufficient. During popular vacations it’s likely that a casino will attract a lot of extra traffic, particularly as they are open all the time. If traffic is a problem for you then a casino home might not be a good choice. Noise doesn’t tend to be so much of a problem as although a casino town might be slightly noisier than somewhere more rural, most of the noise is confined in the gambling halls.
The article suggests that anyone considering buying in a casino town should look to rent somewhere nearby first of all, to get a better idea of the noise and traffic levels.