Casino-Free Milford "Busts" Second Myth Regarding the Foxwoods' Casino Proposal

Every other week, Casino-Free Milford posts its Casino Myth Busters feature in this blog space to debunk misconceptions about the Foxwoods’ casino proposal. Check out our second “busted” casino myth below and look for more busted myths every other week:

CASINO MYTH #2

Our property values in Milford will all go UP when a casino is built here!

THE FACTS:

Most People Abhor the Prospect of Living Close to a Casino.

According to the Saint Consulting Group (a commercial real estate consultation company that specializes in winning approval for projects that face citizen opposition), most people would rather live in a community with a nuclear power plant than a casino:

A nuclear power plant is the least-favored type of power plant. But a majority of Americans still find it preferable as a local development project to a landfill, a casino, or an aggregate quarry. (1)

Already Potential Buyers Are Questioning the Risk of Buying in Milford.

Here is what buyer Matthew Iandoli said about the prospect:

Out of all the cities and towns in MA, my girlfriend and I thought Milford would be a great location to buy our first home, but we just recently found out it’s the potential site for a casino, so we no longer consider it an option. Even though we viewed four affordable and perfectly located houses in Milford, we believe the future resale value would be negatively impacted if a casino were to be built in the town. Therefore, the financial risk outweighs the positive assets the town has to offer. Furthermore, the increase in traffic due to the casino would make our commute unbearable.

Even Foxwoods Admits the Homes Near the Casino Will Decrease in Value.

Foxwoods Massachusetts President and CEO Scott Butera dismissed concerns that property values would decrease in town when he met with the Milford Board of Selectmen on April 8, 2013, although he later conceded that the property values of homes in close proximity to the casino might drop:

I guess if you’re the house right next to the casino, it might be a little different.

Right across the street from the proposed casino’s entrance is a neighborhood of 42 single family homes and 45 condominiums. This neighborhood has been appraised at over $35 million. It is impossible to say exactly how much these property values would decline if the proposed destination resort casino is actually built. It is logical to assume the property values would NOT go up.

Homes in the Connecticut Communities Surrounding Foxwoods
HAVE Decreased in Value.

The small town of Preston, Connecticut (located five miles north of the Foxwoods complex in Mashantucket) has experienced a significant decline in its property values:

The impact the traffic increase has had on home values in Preston is dramatic. A recent revaluation of properties in Preston has shown home values for properties within a quarter mile of a state road are as much as (20 %) twenty percent lower than a similar home that is not close to the traffic of the casino. The financial impact for Preston homeowners is approximately $6,000,000.00. (2)

We can preserve our community and our property values by working together to keep Milford Casino Free! Learn how on our website CasinoFreeMilford.com.

Casino-Free Milford is a volunteer, nonpartisan, grassroots organization dedicated to informing the Milford community about the negative impact a destination resort casino would impose. More information about Casino-Free Milford can be accessed on the group’s website (CasinoFreeMilford.com).

Sources

(1) Saint Consulting Group, “Nuggets of insight into American views on landfills, nuclear power.” http://tscg.biz/saintblog/2009/02/nuggets-of-insight-into-american-views-on-landfills-nuclear-power-saint-index.html

(2) Preston Board of Selectmen: Robert Congdon, First Selectman; Gerald Grabarek, Selectman; Thomas Maurer, Selectman. “Casino Related Impacts on Preston, CT.” December 18, 2001.