New Racino Healthy for Local Real Estate?

Posted by on Saturday, December 21st, 2013 at 7:30am.    1113 Views

Turtlecreek Township Opens Racino; Real Estate Impact?

Local government leaders say the opening last Thursday of the new racino is not expected to be a major draw alone for attracting new businesses. Rather, it's opening is more symptomatic of growing interest at the Ohio 63-Interstate 75 interchange, located halfway between Cincinnati and Dayton. Miami Valley Gaming & Raceway, the horse-track with 1,600 electronic slot machines, opened last Thursday off Ohio 63 in Turtlecreek Township, East of the highway intersection. The racino is more or less centered among Lebanon, Turtlecreek Township and Monroe. The 188,000 square foot Miami Valley Gaming Racino held a preview night for guests Thursday Dec. 5, 2013. 

"If you take a look a Cincinnati and its growth pattern and the density that's come up, and you take a look at Dayton and its growth southward, we're sitting right in the next location for those two concentric circles of growth," said Jonathan Sams, Turtlecreek Township Trustee. "I think the racino recognized those growth patterns," Sams said.

Early estimates are that the racino will have a $24 million economic impact based on salaries and wages, property taxes, local sales taxes and local purchases, said James Simms, Miami Valley Gaming president and general manager. That estimate doesn't include construction costs or taxes paid to the state on gaming revenues.

Miami Valley Gaming's location is near perfect sitting just off the freeway and not to near neighborhoods, and is definitely a welcome added attraction to the communities of Turtlecreek Township, Lebanon and Monroe, all of which have been enjoying slow but steady growth in their respective real estate markets. When business moves in and thrives, it's generally a long term healthy impact on the surrounding areas which does have a "trickle down" effect on real estate. The racino adds to the attractions of the area, and helps support many peripheral businesses and jobs adding to stability. I predict this will help the nearby neighborhoods of these communities in the long run, and consider the state will have more funds for local improvement projects as well.

You may want to take a look at nearby Lebanon Ohio real estate or search Monroe real estate with our property search tools.

The same intersection is known for attractions including shopping center Cincinnati Premium Outlets, flea markets Trader's World and Treasure Aisles, and Solid Rock Church with a large statue of Jesus. The new racino is also close to other attractions like King's Island Amusement Park, Shaker Run Golf Club and many upscale restaurants. Miami Valley Gaming & Racing is also partnering with local businesses to drive visitors to shop and dine nearby.

"Neighboring community Monroe is seeing more business interest in potential development for several likely reasons: An improving economy, the desire to be close to other regional destinations such as Cincinnati Premium Outlets, and available sites." said Kevin Chesar, Monroe Development Director. "The racino opening is welcomed in the that it compliments continued interest in Monroe," Chesar said in an email. "We believe that the racino's success will result in increased visitor attraction to Monroe."

2 Responses to "New Racino Healthy for Local Real Estate?"

Tim wrote: I like the fact we now have access to a casino nearby, and like to try my luck now and then. I have a rental property in Lebanon, do you think this will help the rental values in the area? Too, I'm wondering about the value of my own house since it's so near to the casino, we live in a residential Monroe neighborhood, with some rentals near us. Is now a good time to buy rental properties/duplex or single family rentals?

Posted on Sunday, January 5th, 2014 at 2:02pm.

Marty Snyder wrote: Tim. I cannot stress strongly enough, the Monroe and Lebanon areas are prime for investment/rental properties. I get at least 2 calls a week from people who are looking to rent in Monroe. Lebanon has more of these types of homes available than Monroe, so I don't get as many inquiries about Lebanon, but Monroe is hot! Give me a call and I'll be glad to assist you. 513-292-9374

Posted on Sunday, January 5th, 2014 at 3:03pm.

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