Companies oppose latest North Shore casino proposal He also believes the casino will enhance housing, pointing out that some of the most expensive real estate in the country is in gambling mecca Las Vegas.Perhaps that expensive housing in Las Vegas is because it is in the middle of a desert. But, I dare say, most of Las Vegas isn't that expensive for housing. Furthermore, Las Vegas has low taxes -- so -- the housing values can rise.
It was stated on a local panel by an expert Ph.D. that local house values in the immediate area of a casino could go upwards. However, once the casino is no longer your neighbor, or within your near neighborhood, there is no bump, either up or down, from the casino.
This area under discussion, between the West End Bridge and the Carnegie Science Center, has been studied at considerable lengths by a friend. He has done models of many North Side locations.
Frankly, I don't think we are getting the highest and best use out of the very valuable land that is now occupied by the Equitable office nor Del Monte's offices.
This is a worry: He estimates that his casino, once it reaches 5,000 slot machines, will generate $230 million for the state each year at a 54 percent tax rate and $22 million for the city of Pittsburgh.
Before everyone goes off and starts to spend that $22-M per year, note the catch. That income is projected AFTER the casino reaches 5,000 machines. The proposal on the table is NOT that big. I would like to know how much is projected for the city and the state in the first year.
If Video Poker Machines were legalized and done right, they'd pull in $7 million to $13 million per year for the city.