There are many reasons to visit the Gold Coast – good surf, fun beaches, the upcoming Commonwealth Games and now, a potential new casino in Southport. Let's explore what this potential project will bring to the greater Gold Coast community.
Mayor Tom Tate explains that this casino resort will boost the economy. Development brings jobs to the area during construction and once the casino and its supporting hotels, restaurants, bars, theatre and retail spaces are up and running.
Tate points out that this centre will be huge in supporting the economy once the Commonwealth Games are over in April. Now, tourists have another reason to come back and spend a lot of money. As of right now, city leaders fear a post-Games collapse. This point is especially valid as the State Government killed the $3 billion project to build ASF Consortium's integrated resort. This casino would keep tourist coming to the area more steadily than a one-time event.
Plans are currently underway to upgrade central Southport's Queen's Park Tennis Club, the Southport Bowls Club and Carey Park. As is, the plan would require these clubs to move, but developers insist the central, waterfront location is the best for the casino.
Discussion of the casino project is still underway in the government, but there is a separate conversation in another industry that has questions of their own: the real estate industry.
While the Gold Coast economy might get a boost, area commercial property owners likely have questions of their own regarding the value of the space once a casino is open for business. When you think about other communities with casinos like Las Vegas, you picture a thriving city centre, don't you? That's the environment that every casino developer wants to accomplish.
These casinos are surrounded by upscale restaurants and shops. Certainly, it seems that commercial property owners could expect a big jump in the value of their property with the anticipation of luxe business owners coming in and competing for what would soon be prime real estate.
Yes, an increase in property value most definitely can happen, but city planners have to consider the rest of the community – can it support an upgrade like this? A casino welcomes wealthy tourists, but that means it will drive up both residential and commercial property prices which could be a challenge for both if they are not financially prepared for the shift. There's an opportunity for commercial property owners to really thrive if they are tactical about these changes.
For more information about developments around the Gold Coast and how they can affect your property, contact our team here at Ray White Surfers Paradise.