Studies Show Residential Property Values Decrease Near Casinos

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The MetroWest Anti-Casino Coalition points to two important studies that show unequivocal evidence that residential property values will decrease in communities impacted by the development of a resort casino.

The National Association of Realtors (NAR) recently released a study detailing that housing values in the subject region will likely decrease anywhere from 4 to 10 % per property. The NAR study also called the impact of casinos on the housing market "unambiguously negative.” The report summarized: “In
general, externalities of congestion and other social costs appear to have a negative impact on home values in the immediate area of a casino.”

These statistics are consistent with a comprehensive 2009 study that was completed on behalf of former Connecticut Governor, Jodi Rell. Through interviews with local elected officials in the towns adjacent to Foxwoods, the Connecticut study came to similar conclusions: property values are adversely impacted
when casinos are introduced to a region. The report acknowledged that eight years after the openingof Foxwoods in Connecticut, “during the revaluation in 2000, the value of residential homes along the highway was reduced by more than 10 percent.”

“Any suggestion by Foxwoods Massachusetts that your residential property values will increase is not supported by the data,” said MWACC Chairman Brian Herr. “When you site a casino near suburban residential communities, valuations immediately decrease throughout the region. Unfortunately prospective buyers will look elsewhere, obviously driving the market downward,” Herr concluded.

For a full reading of the study, please visit the following link: http://ims.rapv.com/documents/CasinoResearch-NAR.pdf

For a full reading of the Connecticut Study, please visit the following link:
http://www.ctlottery.org/pv_obj_cache/pv_obj_id_0BF9A380311922353B402B3C...
filename/june_24_2009_spectrum_final_final_report_to_the_state_of_connecticut.pdf