Casinos.co.uk: Casino News Archive
Tuesday 13th March 2007
US property prices boosted by casinos
Casinos are pushing up property prices in some areas of the United States, as workers and gamers head towards developments.
For example, the Mohegan Sun at Pocono Downs, in northeastern Pennsylvania has jump started the local property market, with the real estate reaping the benefits of the flourishing gaming industry.
Norm Krayem, proprietor of Realty Estates in Groton and president of the Connecticut Association of Realtors, told the Norwich Bulletin that property prices in the area witnessed an immediate boost when Mohegan Sun opened in 1996.
Commercial values have almost doubled, with some asking prices soaring to nearly $1 million per acre near the casino development, the newspaper reports.
Some of the most expensive real estate in northeastern Pennsylvania are now in the region of the casino and the Mohegan tribe installed gas and water lines along Route 32 in Montville in preparation for higher demand.
Meanwhile, US company Trump Entertainment Resorts, headed by tycoon Donald Trump, is believed to be looking for a buyer for its casinos, which include Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, both in Atlantic City, New Jersey.
Source:Direct News
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