The impact bingo halls are having on local real estate
Bingo is a game that has been played for hundreds of years and has been a mainstay in people’s communities for generations. For some people, bingo isn’t just a game to try and win money, it’s a social event, meeting friends and family, part of a routine. Many people have been going to bingo halls for years and their lives are built around that.
Because of this, there are bingo halls in most towns and states with each bingo hall being a large venue to cope with demand as some players still prefer to play in a bingo hall over playing online bingo.
While online bingo offers great convenience for players as they can play from the comfort of their own home and a good choice of games, for some, it doesn't quite replicate the social experience that playing at a physical venue provides.
In this article, we will look into how having local bingo halls affects real estate around them and whether they have a positive or negative affect on property prices around them.
Impact on the economy
Behind the fun and joy of a game of bingo, lies a stream of consistent income for the economy through taxes and licence fees.
The revenue generated allows the halls to continue operating, meaning more staff to be employed and further money spent by players. This cycle has gone on for years and it doesn't look like it is due to slow down.
Support to businesses around them
Naturally, when going to a game of bingo, if players are going in groups, they may wish to go for a drink or some food. This means businesses around the bingo halls will benefit from additional sales as the halls will bring new and returning players back driving traffic.
Players from further out who want to try well established bingo halls may make the trip to come and play. This means travel and hospitality is also affected as more people will be likely to require transportation and a place to stay if they have travelled far.
Real estate
Bingo halls are generally not small buildings. This means when a new building is commissioned to be built, it requires a large plot of land and extensive building works. This can have a positive effect as new jobs will be created to build the hall and to continue operating once complete.
A variety of employment opportunities are created from architects and builders to venue managers and hospitality staff. Having these opportunities makes a location a more desirable place to live for those looking for work.
There is however the potential for there to be a detrimental effect, as a bingo hall is likely to increase the valuation of prices in the area, this may stop people from being able to afford those properties. First time property builders and those on lower incomes will be most impacted by this.
As the bingo hall requires a large space, there is also the concern it may push long time residents out of their homes to make room for the new bingo hall to be built.
In some situations, unfortunately bingo halls are forced to close for a number of reasons, meaning there are large buildings not being used.
Developers have started looking at old bingo halls as a great option to change into housing. This means the space that was once a bingo hall isn't being wasted, allowing for new fresh houses to be created. As such, keeping the value of properties high as there’s no longer an abandoned derelict building in the public eye.
Social impact
Within each bingo hall, there tends to be a community within and regular players that attend. Some players attend bingo as their form of socialisation and to have that communication they would otherwise miss out on if they played bingo online.
Players going to bingo also allows them to take breaks from other outside issues they may be having, allowing them to take some time away and play a game they love and enjoy.
Not only does it have a positive effect on the social side of players, studies have shown completing tasks that are mentally stimulating such as bingo, can help maintain cognitive function and can reduce the risk of age related neurological diseases such as dementia.
It’s clear there are positives and negatives bingo halls bring to the real estate around them and also the social aspect of those who use them.
Whilst online bingo gets more and more popular, it’s clear bingo halls are still here to stay. And whilst they are still having a positive impact on the real estate around them, they will continue to be built and maintained.
