It's one of the first questions you ask when you hear someone wants to build a casino somewhere near you: What's it going to do to my property value?

Sure, some people will insist that a casino is a desirable thing for many reasons, but the fact remains, few people really want to live near one. Especially if they moved somewhere for the trees and the quiet and the fresh air.

In North Stonington, CT, the town next door to Ledyard, home to the Foxwoods ever-expanding mega casino...

Residential homes on main road or alternate roads leading to casinos tend to decrease in value 10 percent. Making it harder to sell and reducing the tax basis for the area.

- Source: Casino Impacts on North Stonington; Prepared by North Stonington Board of Selectmen; Nicholas H. Mullane, II; William N. Peterson; John M. Turner. Amended December 24, 2001

In Preston, another abutting town...

The impact traffic increase has had on home values in Preston is dramatic. A recent revaluation of properties in Preston as shown home values for properties within a quarter mile of a state road are as much as (20 %) twenty percent lower than a similar home that is not close t the traffic of the casino. The financial impact for Preston homeowners is approximately $6,000,000.00.

- Source: Casino Related Impacts on Preston, CT; prepared by: Preston Board of Selectman; Robert Congdon, First Selectman; Gerald Grabarek, Selectman; Thomas Maurer, Selectman: December 18, 2001.

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These are real estate impacts that are directly associated with the presence of a casino in an abutting town - not even the host community - almost a decade after the casino was built.

In Middleboro, some realtors explained that, initially, property values would sink as a result of a casino, but then, casino managers would cause a demand for the larger homes and values will rebound. Still... that would mean a heck of a lot of casino managers...

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The cost of crime resulting from casinos, as reflected in unrealised assessed real estate valuation, appears to be on average $5.2m per square mile in 1986 (current prices) in the South Jersey area. For an average community in the area it would amount in 1986 to a total of approximately $105m.

-- A Von Thünen Model of
Crime, Casinos and Property Values in New Jersey

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Middleboro developer says casino talk hurting business
October 17, 2007

"MIDDLEBORO - A local developer says his business is being negatively affected by a proposed casino in Middleboro and is seeking tax relief from the town..."