No one should look to casinos to revive cities, “because that’s not what casinos do.” So explained the project manager for a new Wynn casino rising near Philadelphia. He’s right, but it has taken a surprisingly long time for city governments to acknowledge a fact that was well understood by the 19th-century Americans who suppressed gambling in the decades after the Civil War. The impact of casinos on neighboring property values is “unambiguously negative,” according to the economists at the National Association of Realtors. Casinos don’t encourage non-gaming businesses to open nearby, because the people who most often visit casinos do not wander out to visit other shops and businesses. A casino is not like a movie theater or a sports stadium, offering a time-limited amusement. It is designed to be an all-absorbing environment that does not release its customers until they have exhausted their money.
Posted on: Wed, 24 Sep 2014 18:57:56 +0000
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