Investing in the casino industry goes beyond buying shares or starting a new gambling site. If you love to invest in real estate, consider buying or renting property near a casino.
You see, the gambling industry in Canada and the US is ballooning. Canada legalized single-event betting in 2021. And since then, the sports betting market has exploded.
Canada also permits online casinos at a provincial level. However, most people prefer top-rated, offshore casinos that accept iDebit, PayPal, Google Pay and other popular payment options. These websites provide bigger bonuses, more games and faster payouts.
The US authorized sports betting in 2018. That means Las Vegas is no longer the only place you can bet on sports. New betting shops are cropping up throughout the US every month, especially online betting sites.
Although online gambling is growing fast, it doesn’t threaten the casino real estate market. This isn’t just our opinion. Data shows Las Vegas is growing despite the rising number of states with legal casino laws.
In other words, you have every reason to consider casino real estate. Do it the right way and you could reap tremendous profits. Read our guide below for more information.
Why You Should Invest Near a Casino
Whether you want to start a gourmet restaurant, a night club or a theme park, there’s a strong chance you want it to succeed. Investing near a casino, especially in a large city, can improve your chances of success. Here’s why:
Tourism
Ever been to the Niagara Fallsview Casino Resort? It’s always flocked with people. Some of these visitors sleep at the resort. But most tourists book Airbnb’s or hotel rooms close to the casino.
Likewise, investing in a relevant business near the Fallsview Casino can lead to profits. Think of the food business. People must eat when they visit the casino. Sure, the Fallsview Resort features a buffet service. But some people want to try something better outside of the hotel.
The constant flow of tourists is a prime reason to buy property near a casino. Of course, not every gambling business is attractive. Find a property close to a popular casino.
You May Get a Good Deal
Contrary to popular belief, not every property close to casinos is overpriced. At the right time, you can get a good deal. A good example is during the financial crisis of 2008.
Everyone was scared. To avoid a total collapse, most casinos in Las Vegas sold business spaces to investors for cheap. Fast forward to 2023 and you can still find some amazing deals in Las Vegas.
Sure, the properties adjacent to your favourite casino are probably not on the market. And if you attempted to buy them, you would have to fork out a lot of money.
To find a good property near a casino, find houses that have been on the market for a while. Chances are they were not taken care of by their previous owners. In that case, you can score a bargain and renovate the houses later on.
Easier to Rent Out
If you like buying properties to rent them out, investing close to a casino is a great idea. Let’s say you want to buy a house. The Airbnb market is mushrooming, meaning you won’t struggle to find short-term guests.
Similarly, people love to put up businesses near casinos. If you buy a business space at the right place, there’s a good chance someone will lease it out.
Great Potential Profits
When you think about it, the Las Vegas real estate space has grown sporadically over the years. Houses have doubled or tripled in price since the 2007/08 financial crisis.
All signs show Las Vegas will be a prime investment place in the next decade. And so are many cities and towns where near casinos are popping up.
This means if you like to invest in properties to flip them for a profit later on, there’s no better place to spend your money than near a casino. Even if you don’t make a lot of money from your sale due to external factors, you’re still assured of finding a buyer.
Things To Consider When Investing Near a Casino
On the surface, buying a property near a large casino feels like an excellent idea. However, this depends on why you’re buying the property. It also depends on where you purchase it. Below are some important factors to consider.
Properties May be Expensive
One of the biggest challenges you will face while investing near a casino is finding a fairly priced property. Large companies are constantly buying real estate in places like Atlantic City and Las Vegas.
These companies are building luxury properties. And in doing so, they’re pushing property prices beyond the reach of many first-time investors. In light of that information, you must research extensively to find a great, affordable property.
Traffic Concerns
Buying a house to rent it out is one thing. Buying a house near a casino to live in comes with a lot of traffic concerns. Just take a look at Las Vegas.
Traffic is usually jam-packed in the evenings. The streets are also noisy will all the honking and noise from car tyres. Buy a home a little bit further from the casino if you intend to settle there.
Another problem to beware about is that lighting can be an issue. Imagine trying to watch your favourite movie in the evening. But you can’t because all the light from your local casino is projected into your living room.
You can always invest in quality curtains and drapes. Still, not everyone is pleased by the bright casino lights taking away their privacy.
Conclusion
Buying property near a casino can be an excellent idea. The casino industry is growing. And that means there’s a lot of money to be made. All you need is to find the right place to invest in. Use some of the tips shared above to make a sound investment decision.
