Casino Development Heats Up
As the economy continues to improve, prospects for the gaming industry are also heating up. A look at the project pipeline reveals a diverse group of markets that are primed to benefit from the action. Developments range from a proposed $1B casino in East Rutherford, NJ to MGM Resorts International breaking ground this spring on an $800M casino in Springfield, MA. CBRE Global Gaming Group director Brent Pirosch sees the expansion as a natural fit for a post-recession economy. “Gaming has always been pitched as either a new tax base or economic development,” he says. Over in the nation’s gaming capital, Malaysia-based Genting Berhad broke ground on Resorts World Las Vegas, a proposed $4B Chinese-themed resort. Sin City will continue to hold its status as America's capital of gaming despite the increased competition brought on, in party, by loosened legal regulations elsewhere against gambling. Pirosch notes Vegas currently welcomes about 40M visitors a year and that that will likely swell to 45M in the next five to six years. [CPE]
