To keep its gaming rights which will in turn preserve its property value, The Queen of Hearts casino must open for eight hours every two years.
"The Queen of Hearts, though vacant, is hugely valuable. Its owners are planning to swap the whole block for a city-owned parcel in an area slated for redevelopment; they want to build a resort.
In the meantime, the owners need to keep the property's gaming rights intact to maintain the property's value, estimated at $13 million to $15 million, which will allow them to trade for land of similar worth."
"Recently, the number of one-day casinos has jumped. There were three in 2004, five in 2006 and seven this year -- including one at the site of Las Vegas' first racially integrated casino, the Moulin Rouge. The reasons vary, but the sour economy, which has stalled construction projects along the Strip, has likely played a role. Many owners won't sell or build until real estate and credit markets rebound."
FULL STORY: Casino stays in the game for a day
Why Cities Should Think Twice Before Rolling the Dice on Gambling
Seen as a source of economic development and easy money for cities (struggling or not) throughout North America, casino projects are neither a revenue panacea nor the win-win "economic bullet" that supporters claim, argues Richard Florida.
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Pennsylvania's Gambling Expansion Proving Unpopular at the Local Level
The state thought more casinos would be a good way to raise some revenue for the state. So far a lot of local governments want no part of that action.
Alabama: Trump Terminates Settlements for Black Communities Harmed By Raw Sewage
Trump deemed the landmark civil rights agreement “illegal DEI and environmental justice policy.”
Study: Maui’s Plan to Convert Vacation Rentals to Long-Term Housing Could Cause Nearly $1 Billion Economic Loss
The plan would reduce visitor accommodation by 25% resulting in 1,900 jobs lost.
Why Should We Subsidize Public Transportation?
Many public transit agencies face financial stress due to rising costs, declining fare revenue, and declining subsidies. Transit advocates must provide a strong business case for increasing public transit funding.
Wind Energy on the Rise Despite Federal Policy Reversal
The Trump administration is revoking federal support for renewable energy, but demand for new projects continues unabated.
Passengers Flock to Caltrain After Electrification
The new electric trains are running faster and more reliably, leading to strong ridership growth on the Bay Area rail system.
Texas Churches Rally Behind ‘Yes in God’s Back Yard’ Legislation
Religious leaders want the state to reduce zoning regulations to streamline leasing church-owned land to housing developers.
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