Resorts World Casino NYC

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Resorts World Casino NYC

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People flock to where the jobs are 

The expansion of Resorts World Casino New York City could see more people moving to the areas as they look to live where jobs are available, one real estate expert claims.

“With people wanting to live near where they work, it could help the growth of the surrounding neighborhoods,” said Jonathan Eshaghian, a realtor with experience in commercial transactions at Marcus & Millichap in Manhattan, in a telephone interview Monday. “Everything is going to come down to the jobs it’s going to create.”

The expansion of the racino [see separate story in some editions and at qchron.com] includes the construction of a four-star hotel, new gaming space and restaurants to be led by a celebrity chef. The new spaces are expected to generate more than 1,000 jobs.

Racino and elected officials at the groundbreaking last Thursday said those jobs would be “good-paying” ones.

“That could make their Queens location much more attractive,” Eshaghian told the Queens Chronicle. “And Resorts World and Genting, the parent company, really seem to know what they’re doing.”

Although he didn’t give a dollar amount, Eshaghian said the rent in South Ozone Park and other nearby communities “will grow” as job-seekers find a place to live.

“It will only help,” he said. “Jamaica is already growing.”

He could not give an estimate on how much residential property values may rise by because he deals with commercial sites. 

Similar examples can be found at other casinos across the country, such as the Mohegan Sun in Connecticut.

“When you’re creating a destination spot with a tenant or plan in hand, things do grow around that,” the real estate salesperson said. “It will grow if you have a successful operator.”

The hotel, restaurants and new gaming space are expected to be completed by 2019.

CORRECTIONS:

This story originally said that Jonathan Eshaghian does not specialize in property values; he does, but with commercial sites, not residential. And he's also a real estate salesperson, not a realtor. We regret the errors.

Source: Queens Chronicle