Ralph St. Jarre
Broker of Record

This casino is a curse!

21-JUL-2006

Not exactly real estate news but I believe it has a direct effect on the local economy.Apparently our city has received 14.5 million dollars from the government since 2000 based on 5% of slot machine revenues.Calculations show that 290 million dollars has been dropped into the slots in the same time period.That's about 130 thousand dollars a day every day of the year! This can't be good .We haven't even considered the gambling tables in the equation.No matter what the casino payroll is the outcome has to be negative for the city.Some have said activity has dropped off at the casino, perhaps we've been tapped out.If that's the case, we'll probably hear of a few more winners to stir up activity again, perhaps lenders will start offering 3rd mortgages!