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Ronda Tire on Market Ave. sold - what's next?

PR-15

By PR-15
in Grand Rapids

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jbr12 Hamlet

jbr12

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Decent paying ones? Seriously, there are tons of people that are simply without jobs right now. They may not be high-powered, young professional type employees that would work at a casino, but would it REALLY be all that terrible? Would an influx of thousands of people daily be a bad thing for downtown?

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GRDadof3 Ecumenopolis

GRDadof3

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Decent paying ones? Seriously, there are tons of people that are simply without jobs right now. They may not be high-powered, young professional type employees that would work at a casino, but would it REALLY be all that terrible? Would an influx of thousands of people daily be a bad thing for downtown?
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Rizzo City

Rizzo

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Or, he'd be agitated that Press reporters are calling him and Susan Geha plus her photog are parked in his drive way in their spiffy mobile news van. He still has a cold and is just playing chess with his properties. What's great is that Secchia is the perfect Santa Claus.

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Rizzo City

Rizzo

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With the proliferation of casinos I don't see them as being a benefit to anyone anymore. they may have benefited a local economy when they were few and far between but seemingly every community has one nearby now. nobody has to travel to spend thier money anymore, so, no new money is brought into an area. money from a casino is only redistributed to the hand of a few (probably out of state) investors with nothing to show for it but some low paying jobs. If secchia is blocking some development by some distant investor we are probably better off, at least if the competition is a local investor. if a distant investor is our only option then it is wrong.

An economy is all about money flow. when it is flowing out of the area we will suffer. nobody invests in a area to return money to an economy and the the very purpose of investment is to make money. when that money leaves the local economy it rarely returns. people will say ' I spent a lot of money on various things here' but they took more than that out, otherwise they wouldn't be here.

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jas49503 Hamlet

jas49503

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Do you mean this in terms of a private casino or just investment in general?

If it's investment in general, how is it taking money out of our economy? I believe you must assume that there is only one investor and only one pot of money. Now take that pot of money and add many people dumping cash in and taking their ROIs spread over time. What happens when many people just dump investment dollars into our local economy -- continually? All you would have is a cycle of investment dollars changing hands and paying off other investments. Somehow, the local economy is benefiting from this synergy. I assume this is how you build an economy.

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GRDadof3 Ecumenopolis

GRDadof3

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I am talking about the long term. you can have a short term boost from the infusion of cash by a new investment but like running up a credit card bill there are long term effects. you pay in the long run. This is the situation that the american economy is facing now. the reason that the economy is suffering is that for many years we ran at a negative trade deficit. This was ok because of continual foreign investment. This foreign investment propped up the economy keeping the deficiet transparent. There was always money available. well, now foreign investment is decreasing because of the weakened dollar. This causes the overall economy to suffer. we have been protected by saving at a negative rate i.e. people spend more than they make increasing their debt. even though our economy is expanding (except for michigan) in terms of Dollars spent (GDP) when compared to other currencies we are actually doing much worse. This is coming to a head and will unfold over the next several years.

I am also comparing local investment to investment by outsiders. Both kinds of investment are better than no investment at all. It takes money to make money and no investment at all leaves you with nothing. If a local investor blocks a distant investor by buying a key property so that it can be developed locally in the near future it is a benefit to the local economy in the long run. this does not include land hoarders that just buy things to block others and hold onto them for many years.

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mejane Whistle-Stop

mejane

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This happens more than people realize. I've been the subject of a couple of articles ( not just me, but I had a part). both times my story was not accurately reported. I don't think that reporters are capable of accurate reporting, even when they don't have some personal agenda, or scandal they are trying to stir up.
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Coleco Whistle-Stop

Coleco

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There was always money available. well, now foreign investment is decreasing because of the weakened dollar. This causes the overall economy to suffer. we have been protected by saving at a negative rate i.e. people spend more than they make increasing their debt. even though our economy is expanding (except for michigan) in terms of Dollars spent (GDP) when compared to other currencies we are actually doing much worse. This is coming to a head and will unfold over the next several years.
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jas49503 Hamlet

jas49503

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Actually, foreign investment tends to increase as a result of a weak dollar since it makes buying property and investing in U.S. operations cheaper for companies dealing in stronger currencies, like the Euro. Many U.S. manufacturers do better under such conditions as orders increase from overseas customers who can better afford U.S. products and services.
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GRDadof3 Ecumenopolis

GRDadof3

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I have lived in both Atlantic City and Grand Rapids and if you think that Grand Rapids has a lot of development going on right now than you should do some research on Atlantic City. There are are currently plans for two 2 billion dollar casinos and one 5 billion dollar casinos much of which will bring retail, dining and entertainment besides of course the casino gaming. This projects will happen as construction on 2 of the 3 have already begun. On top of that two 500 foot plus hotels have topped off in the last 3 months or so. Atlantic City has changed due to competition from other states now offering gaming of some sort and now is doing what it can to attract the gamblers who are going to drop money on things other than the penny slots. The problem with casinos is that typically when they are first introduced they are simply gaming halls and all they get are the day trippers who will not spend money elsewhere in the city and are looking for the all you can eat buffet.
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