If the $329 million St. Tammy casino resort proposal is built in Slidell, La., economic research concludes that the destination would positively impact the region.
The St. Tammy Corporation, which helps businesses with their economic growth in the Louisiana parish, ordered the casino review. That was done to determine the potential impacts that such a system would have on Slidell. Carried out by the New Orleans-based Convergence Strategy Group, the researchers concluded that Camellia Bay Resort, as the project is known, would not negatively impact St. Tammany or Slidell as a whole.
“Based on our independent research, analyses, and extensive review of scholarly studies, we expect the Slidell casino resort will have a moderately positive to negligible impact on surrounding business,”
the 45-page report noted in its summary of findings.
Peninsula Pacific Entertainment (P2E) is requesting St. Tammy Parish residents to allow the firm to advance its Bossier City casino license that it previously used to run DiamondJacks to Slidell.
P2E first requires parish approval by way of area residents to open a casino in St. Tammany. If the simple majority supports the election question, Peninsula says it would construct a $329 million resort casino on the Lakeshore Marina on the eastern border of Lake Pontchartrain called Camellia Bay.
Property fluctuations
A key concern several residents in the Lakeshore Marina have concerning a casino being established is how such a resort may impact their home’s value. Multiple studies over the decades have linked casino sports wagering to lower property value. However, Convergence stated that is no longer the case.
“Studies citing property value declines are from the 1990s, analyzing data from the early casino communities of Atlantic City, Nevada, and early riverboats,”
explained the St. Tammy casino report.
More recent negative property value projections have also been flawed due to the arrival of a casino.
Convergence points to a National Association of Realtors foresee in 2013 that forecasted property values in Springfield, Ma., would reduce 4.6% because of MGM Resorts building an almost $1 billion casino. But in reality, property value in the Massachusetts city has increased more than 21%.
Perhaps, along with better property value, Convergence reports that added jobs could boost the quality of life for particular residents.
The study explained,
“For some, living proximate to a gaming resort could mean a job opportunity that cuts commuting time down considerably or raises income.”
However, the analysts concluded that the are several negatives linked with a new casino.
“For others, living proximate to a casino resort can be unappealing due to issues ranging from traffic to lighting or the blocking of view,”
the report continued.
“The data would suggest from a residential real estate standpoint that these pros and cons balance each other out.”
Enhancing the deal
Southern Louisiana is one of the most hurricane-prone regions in the United States. It was only in late August that Hurricane Ida blazed the region, led to 12 deaths in the state, and damaged billions of dollars.
With St. Tammany’s support of their Camellia Bay Casino, P2E has promised to donate $5 million to help Slidell build its proposed $9 million ring embankment. The casino company has also committed $30 million to construct a sports and entertainment system near the resort.
As for those potentials preferable jobs mentioned in the review, P2E states Camellia Bay would require about 1,000 full-time workers to run the property. The firm says the average pay, including salary and benefits, would be $45,000.
The US Census Bureau states the average employee in the parish made $34,658 in 2019.
Last Updated on by Ryan
