Saturday, January 07, 2006

Companies oppose latest North Shore casino proposal

Here is a stretch.
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.

2 comments:

Michael P. O'Connor said...

Please not near the north shore, it has a great bike path that I like to bike, and I don't want to have to worry about getting robbed by some one needing just a little more money for their gambling adition.

Jonathan Potts said...

Anyone who thinks you can reproduce conditions in Las Vegas, assuming that is desirable, with gambling anywhere else should spend some time in Atlantic City. Great boardwalk, suprisingly lovely beaches, but you go five or six blocks away from the boardwalk and you are in the middle of a slum.

Las Vegas was essentially created for gambling. It's never had another industry, and it enjoyed a monopoly on legalized gambling for years. Casinos anywhere else in the nation are never going to have the kind of impact they had there.

You also can't look at housing prices without looking at wages and overall cost-of-living. People in the service industry in Las Vegas can make a pretty decent living, compared to the rest of the nation. The slots parlor might pay a little more than, say, Target or TGI Friday's, but I doubt they will exceed by the wage scale for the local service industry. I'm talking off the top of my head, admittedly.