Pocono gambling and real estate

Well, gambling is on its way to the Poconos. We all have heard the expression "with good comes the bad". So I have to wonder, and possibly those of you who live in an area where gambling has arrived can tell me, what affect will gambling have on the real estate market? We have heard all kinds of surmising - oh, its going to be great - it will be the downfall of the Poconos - etc. etc., but what will really happen.  Many of my sellers insist that their property values are going to go up while others want to sell before it gets here.

We are in an area where there has been a great influx of "commuting buyers" since 911 and our traffic patterns were not built with this influx in the plan. Weekends are a special nightmare in many areas. The bottlenecks and the waits to get places get worse and worse.  So how will our already "bottlenecked" roads handle the new influx of people coming to the Casino? Will we really see any tax relief once the casino is up and running? Many of our areas rely on the State Police for protection and the handling of issues. Once the casino is here, how will they possibly keep up?  It is almost impossible for them to keep up now, they are so understaffed already.

Remember the Poconos emcompasses a tricounty area and this is one Casino eventually holding 5000 machines.

Would love to hear your experiences on this one. Thanks!

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Comment balloon 4 commentsBobbie Smith • January 09 2007 07:11AM

Comments

With gambling comes jobs (24 hr / day casino, correct?)......so it's the casino jobs PLUS supporting infrastructure (restaurants, Walmarts :^) , etc.) to meet the needs/wants of the gamblers............. workers need homes.  I expect casinos will increase housing demand in the Poconos.

Posted by Rob Robinson- Lehigh Valley PA (Bertrum Settlements (Title & Abstract)) over 11 years ago

Great topic!  My husband's company bought the meadowlands and the PA gaming license has to be the HARDEST and most expensive gaming license in this country.  They also require the company to give up alot in taxes. 

It's hard to say what will happen to your community in particular.  I seriously doubted the quality of employee that they would receive.  Who really has the patience to fill out something like 50 pages and dig way deep into their past and has $350 that it requires.  I guess a ton of people did.  I think it will have a positive impact on jobs growth + the jobs are pretty decent payers.  They are seeing an influx of casino workers apply for jobs from NJ because I guess the pay is more and the cost of living is lower.

I imagine it would be a huge draw for tourism in the Poconos area.  The key is that PA must be ready to deal with growth as far as the infrastructure goes - which by your short statement it appears they may not be.  If people have a hard time coming in and out, they are going to be capped out with what they can make as far as tourism dollars, gaming dollars and even housing.

I do believe it will impact your Real Estate Market in a positive manner.  Who knows how it will impact the human beings that live in the Poconos.  Gambling compulsion is a VERY serious disease that wrecks marriages, jobs, lives and families.  Believe it or not, I have only been affected by two compulsive gamblers since I moved to Las Vegas (9 yrs) myself.  It isn't common but the effects are devastating!

The naysayers will always be around saying things will go south but when you look at other small communities who have brought in gaming, it really isn't that bad.  Note:  I didn't say problems existed.

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) over 11 years ago

As a listing agent it is really important to be a consultant when it comes to pricing. 

When it comes to gambling  addictions the giveness of the location requires extra care unlike the addiction to active rain. 

Posted by Teri Isner, GRI, CRS, CIPS (Keller Williams Realty at the Lakes) over 11 years ago
Thanks for all the replies and insights. Love it. Appreciate it. Keep them coming. Thanks! Bobbie
Posted by Bobbie Smith, 570-242-1891 over 11 years ago

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