Casino opening in Cleveland delayed

This news is disappointing.

The Cleveland casino won’t be opening in March after all.

Openings of the state’s first two casinos this spring will be pushed back, possibly by at least two months, because of delays in the licensing process.

The Casino Control Commission was told Wednesday that Ohio does not have enough time to properly investigate casinos in Cleveland and Toledo before their proposed opening dates.

Matt Cullen, COO of Rock Gaming LLC, says they are disappointed by discussions of postponing the anticipated March opening of Horseshoe Cleveland. However, Cullen says they respect the Commission’s diligence and dedication to address the many tasks associated with a new gaming jurisdiction.

You can see more about the new Horseshoe Casino at their website. It should provide a huge boost to Downtown Cleveland once it opens.

Renting vs Buying

This is the classic question when it comes to real estate and personal finance. There are all sorts of calculations out there arguing both sides of this issue. Basically it boils down to this – there are tons of sunk costs when you buy a home, so if you’re looking at it strictly as an investment, the financial argument starts to break down vs renting. But if you want a home for your family and want to build a life there, then you have other benefits apart from the financial benefits.

Now the calculations are changing in light of the housing crisis. In Ohio and particularly in places like Cleveland, the foreclosure crisis has decimated some communities. Many people have lost their homes and now the demand for rentals is going through the roof. House values are plummeting.

Than can however change your calculation depending on your circumstances. If you are secure in your job and have been planning to purchase a home, now is the ideal time. Home prices are low as are interest rates. But you have to be careful to pick an area where home prices haven’t fallen too much. It might look like a deal, but you might be gambling with odds similar to cash bingo games. It’s like trying to catch a falling knife. You want to find a great deal, but if values move way down, then the whole neighborhood might crash.

The key is to look at the other houses in the area and on the block. See if the homeowners there plan on staying. You want to find an area that has great deals but that has all the fundamentals to survive in the long run. Si when looking for a “deal” you have to consider much more than price.

Casino wants Gateway parking garage is reporting that the developer of the downtown Cleveland casino is looking to acquire a parking garage from the city:

The developer of a casino in Cleveland’s historic Higbee building has offered the city $21 million for the nearby Gateway North parking garage.

It’s a proposal that officials said Wednesday would benefit both sides by helping the cash-strapped city get out from under a garage that is described as seldom used while putting the developer a giant step closer to having a parking plan that could accommodate up to 5 million annual visitors.

Officials at Rock Ohio Caesars say that the casino-goers’ experience begins when they park their car. And Rock Ohio Caesars wants to wow them. But officials add that having a seamless parking plan is important for securing financing for the $350 million project.

This seems to make a ton of sense. It won’t matter for high rollers arriving in a limousine, but for visitors parking their cars, the experience needs to be positive from the beginning.

Also, let’s hope the casino operators don’t make the same mistakes that were made in Pittsburgh. The parking needs to be affordable!

Horse track plan in Dayton?

Penn National Gaming might be adding up to 1,500 jobs in the Dayton area, though it depends on Ohio approval of video lottery terminals. Penn is looking to transform a former Delphi plant in north Dayton into a $200 million horse track and slot machine complex.

Old landmark gets converted to apartments

This is great news.

A Cleveland landmark that witnessed decades of births and deaths will finally see new life, as a long-awaited project begins in the Buckeye neighborhood.

Construction will start this week on apartments in the former St. Luke’s Medical Center, a U-shaped brick building that has been vacant since 1999.

The building’s central wing will house 72 apartments for the elderly, financed through a $22 million deal that local nonprofit group Neighborhood Progress Inc. and private developer Pennrose Properties expect to close Tuesday. Renovating the entire hospital will be a $53 million, three-phase project, which could be finished in 2013.

Click through on the photo above to see the full image and the entire article. The old building is beautiful and this sounds like an excellent way to restore it.

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