Study Shows Casinos Have a Negative Impact on Home Values, Hard Rock Responds
WEST SPRINGFIELD, Mass. (WGGB) – A local study finds casinos have a negative impact on the value of homes within a mile of the casino.
The REALTOR® Association of Pioneer Valley released its findings today.
The study found the average decrease in a home’s value was about 4.6% but could be anywhere between 2% and 10%.
It also found that based on the Assessed Value of homes in the Springfield/West Springfield/Palmer area for 2012 and based on the assumption that homes would lose value if a casino were factored in, it works out to a decline of about $1650 to $3300 per home in the Springfield area.
One of the casinos hoping for a spot in western Mass. is Hard Rock International which is looking to build at The Big E fair grounds in West Springfield.
During a public forum at Mittineague Elementary School Tuesday night we asked developers to weigh in on the study.
“Well I haven’t seen the survey so it wouldn’t be fair for me or appropriate to comment on it, but certainly what we’ve seen in our experience is frankly that when you create this amount of jobs, this amount of economic impact, this amount of additional taxes to a municipality, it’ll be the direct opposite, frankly we think it’ll be an incredible boost to the local economy of West Springfield, but frankly also western Massachusetts,” says Jim Allen who’s chairman of Hard Rock International.
To read the full study click here.