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.
Las Vegas Faces a Challenging and Uncertain Environmental Future
Excessive heat will impact the desert city in the coming years, and major steps need to be taken now to change its course.
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.
San Diego to Rescind Multi-Unit ADU Rule
The city wants to close a loophole that allowed developers to build apartment buildings on single-family lots as ADUs.
Florida Considers Legalizing ADUs
Current state law allows — but doesn’t require — cities to permit accessory dwelling units in single-family residential neighborhoods.
HUD Announces Plan to Build Housing on Public Lands
The agency will identify federally owned parcels appropriate for housing development and streamline the regulatory process to lease or transfer land to housing authorities and nonprofit developers.
Mississippi Aims to Abolish Income Tax — and Replace it With Gas Tax
The new gas tax would fund MDOT and the Strategic Multi-Modal Investments Fund.
Louisville Launches ‘Anti-Displacement Tool’
After a years-long, tenant-led effort, Louisville will use a new tool to analyze whether a proposed housing development can meet a neighborhood’s housing needs and income levels. If it doesn’t, the city won’t subsidize it.
Detroit Transit Agency Requests $20M Budget Increase
The Detroit Department of Transportation wants to boost ridership by hiring more drivers, buying new buses, and enhancing station infrastructure.
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