Land-based casinos have been a mainstay of urban nightlife the world over for decades. That’s no surprise when you consider gambling is one of the oldest pastimes in the world, inspiring entrepreneurs to launch their own casinos and create their own spaces dedicated to betting.
As such, people have been debating the pros and cons of casinos almost since the first venues started to appear. The fact remains that land-based casinos, and the best online casinos too, bring a lot of positives to areas in various notable ways. We’ve put together the following guide to the different ways that land-based casinos can have a positive impact on their surrounding areas. It’s also important to acknowledge that some of these positives also apply to online casinos, and the benefits they can bring to communities too. In short, we’ve covered all of the different ways that casinos can positively impact an area in this comprehensive guide.
Land-based casinos can affect property prices in the long term, bringing advantages to both sellers and buyers. Two different types of real estate will be affected when a land-based casino is built in the local area. We’re going to explore both types and explain exactly why land-based casinos can affect property prices for the better. The first type to be discussed is commercial real estate.
Commercial real estate
The price of business real estate will increase when land-based casinos are built within relatively close range. The reason behind this is fairly obvious — a new betting venue means that a lot more people will be visiting the area. As a result, land-based casinos can expect to see a lot more potential customers. The local economy will receive a spike, which will in turn cause more people to spend money at local businesses. This makes them more valuable and will drive up the price of real estate. Furthermore, business owners will not just receive a boost in terms of their day to day business, but when they intend to sell their business and move on, they’re likely to get a higher price for their property.
Residential real estate
Residential real estate will also receive a beneficial boost when land-based casinos are introduced to the local area. This is because a gambling venue makes almost any area a much more desirable spot to visit. Homeowners will see an increase in the value of their houses, and, as a result, they will be able to either increase their own equity or make a much larger profit when they come to sell their house. Some people might even decide to make money by using a service that allows them to temporarily rent out their property to out-of-town visitors.
A boost to the local economy
This was already covered briefly in the previous section, but a land-based casino will add a lot more to the local economy than just increased levels of spending at businesses. There are a wide range of different economic impacts that a land-based casino (and any subsequent online casinos that are set up as well) can bring to the local community.
Increase in revenue from outside the area
As we touched on above, a land-based casino brings people from outside the local area in to spend money. A casino is a powerful attraction, creating a much larger draw than most other businesses in the vicinity. When these people visit, they will most likely spend money at the casino and other surrounding businesses. The increase in revenue from people coming in from outside of the area means that a land-based casino will bring in new money that wasn’t previously within reach. This will boost the economy and make it more likely to thrive.
A land-based casino will also create a lot of jobs. The initial construction of the casino will help to create positions at first, but once it’s built, there will also be additional jobs to be filled. Servers, floor staff, dealers, chefs, front of house and more will all be needed at the new casino. This creation of new jobs will help to inject money into the economy, while lessening any potential welfare burdens for the local government. On top of all of this, there is also the potential for local businesses to create more jobs for local residents due to much-needed improvements in the local economy.
Increased tax revenue
Once land-based casinos are built, there will be a big increase in tax revenue available to the local government. This comes in a number of different ways. Firstly, the revenues that the casino creates will add to the total. This will most likely be the most significant increase and is the main positive that many take away from the launch of a new land-based casino. However, there are other factors that can contribute to increased tax revenue over time. First, the new jobs that are created will increase tax revenue through various income taxes on wages. On top of this, the increased levels of spending will add to the tax revenue created both from tax on products sold and increased profits of local businesses. This increase in tax revenue will have a huge positive impact on the local area, mainly through creating funds to improve local infrastructure and to offer better public services.
Keep gamblers inside the area
This is a relatively small benefit, but a land-based casino will also ensure that people who want to gamble won’t go and spend their money in other areas any longer. Because they have access to a shiny new casino that’s close to their home and other businesses they support (restaurants, bars, etc.), they will be able to play in the local area. And the hard-earned money they spend will feed into the local economy, not that of a neighbouring town or city.
Create a tourist destination
A land-based casino could also convince companies to build more attractions in the area. So, if the casino proves to be a success, it may lead to the establishment ofhotels, theme parks and other businesses with the power to draw visitors in high numbers. This will all help to boost the local economy and increase the overall impact on additional areas demanding attention. In some cases, the area can quickly be transformed into a holiday destination — which will be incredibly positive for the local economy.
In today’s world, a lot of land-based casinos also have a linked online casino. This adds to the amount of tax revenue that can be created, as it instantly increases the capacity of the casino. It also means that people who would like to play, but don’t have the time or inclination to actually visit the casino, will be able to take part. This is a major reason why online casinos have become significantly more popular over the last few years. Of course, it’s vital to remember that playing at online casinos has become less of a taboo, and is more available to a massive audience consisting of millions of players. There has been a knock-on effect of this, mainly increasing the popularity of land-based casinos. Players are trying out online casinos first before taking a chance and moving on to playing at land-based casinos at a later date, inspired by their virtual gaming experiences. The potential regenerative and economic improvements casinos provide has also made them much more palatable to local residents. There’s a real reason to celebrate the launch of new gaming venues, particularly those employing people from the local area and supporting other businesses (through cross-promotions, for example).