Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-In its latest study released exclusively to GlobeSt.com, locally based Hospitality Real Estate Counselors reports that US casino development is expected to top $4 billion, nearly 33% more than the $3 billion in 2004 and 2003. The study also confirms that more than $14.5 billion in casino projects are proposed or under construction, and that more than 67 casino developments, a total of $14 billion in deals, are rumored to be built.

Of the rumored casinos, more than $7.1 billion would be for 39 North American Indian tribe casinos. The largest one would be for the $950 million Botkins Casino in Ohio, which would have 250 rooms and 100,00 sf of casino space. The biggest concentration of casinos, by far, would be in California, where 11 tribal casinos are on the drawing board.

But many of the Native American Indian tribe casinos on the drawing board are far from done deals. They often face criticisms from local politicians and residents. “Many Native American casino developments take years to compete due to the lengthy approval process required for off-reservation gaming,” the report states. “It should be noted,” the report continues, “that Native American casinos appear to be following the trend toward all-inclusive gaming resorts,” which are supported by hotel rooms, just as a traditional casino development.

HREC also tracked 28 rumored traditional hotels that would have a completed value of $6.95 billion. The largest is the $1.5-billion Boyd Gaming-Borgata West in Las Vegas. It would have 3,000 rooms in the hotel, although the casino in size is not known. Nevada would have the most casinos, with seven of them on the drawing board. Nevada also accounts for almost $3 billion of the dollar volume. Mississippi is No. 2 in the nation, with six projects on the drawing board.

Traditional casino developments either under construction proposed equate to more than $11 billion between now and 2009. The report also notes “mega resorts,” such as the new Wynn Casino in Las Vegas, continue to draw the most developer interest and capital.

Michael Cahill, president of HREC, says the survey says that the survey is tracking the “most interesting collection of data and trends on casino development. …Casino development remains robust and profitable in locations ranging from Pawtucket, RI to Fresno, CA.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.