New Moncton Casino Will Effect Property Values, but how?

The Province of New Brunswick recently approved a bid that will result in the construction of what will be the only casino in the Province.

The reportedly $90,000,000 destination casino and 128 room hotel will be built on a 70 acre parcel of land located a few hundred feet outside of Moncton city limits and adjacent to the Trans Canada Highway. In addition to being our first casino, a development of this scale outside of the downtown area is unprecedented in our real estate market. In the immediate area of the casino parcel several smaller parcels of vacant land and some residences are currently for sale.

Based on your real estate experience, what effect do you expect the new development will have on property values in the immediate area of a new casino complex?