Hello and happy Monday to you all. Last friday, in the Philadelphia Inquirer, there was an article about the casinos in Atlantic City. Four new casinos are in the works to being built; Revel, MGM Grand, Pinnacle and one more that is still of unknown name which will be built at Bader Field.
Each time a new casino has been built in Atlantic City, there has always been an increase in buyers and sellers in the area. However, with four new casinos that will be built by the year 2010-2011, there will be a high demand of realestate in this Atlantic County and Ocean City area. Here is an excerpt of the article:
Casino building jobs are plentiful: Atlantic City is planning $20 billion in projects. (The Philadelphia Inquirer)
By Suzette Parmley, The Philadelphia InquirerMcClatchy-Tribune Regional News
Feb. 22--ATLANTIC CITY -- Jeffrey Barton moved to the Shore from Redondo Beach, Calif., a year ago to cash in on an unprecedented building boom here.
"I'm here for one thing," said Barton, 44, who makes $31.97 an hour as a tile finisher. "The work."
There are plans over the next four years for $20 billion worth of casino, hotel, restaurant and retail construction and renovation projects, many of which began in 2003. And in a slowing national economy, all that development is attracting construction workers from around the country.
Since arriving from Southern California, Barton has had plenty to do. His skill was recently needed on the Water Club, the $400 million hotel tower going up at the Borgata. Since January, he has been remodeling hotel suites on the 51st floor of the Dennis Hotel at Bally's casino.
When the Bally's project winds down next month, Barton hopes to land either at the Trump Taj Mahal's new hotel tower or the $2.5 billion Revel casino-resort -- one of four megacasinos proposed here.
"It's going to be nonstop for the next four or five years for sure," Barton said while recently grouting tiles as part of the Dennis Hotel's $20 million renovation that began last November.
Only Las Vegas, which currently has $35 billion worth of casino-related construction planned or under way, according to the Las Vegas Convention and Visitors Authority, rivals what is happening at the Shore.
Atlantic City's manic pace of development is to fortify itself against new slots competition from neighboring states.
"The building is about the fact that they [casino operators] are under a lot of pressure for the convenience gambler from Pennsylvania and Delaware," said David G. Schwartz, author of Roll the Bones: The History of Gambling, and director of the Center for Gaming Research at the University of Nevada at Las Vegas. "The only real direction they can go is to have more destination gamblers, which means more hotel rooms and nongaming attractions."
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