Harrahs Cherokee Valley River Casino and Hotel is Officially Open in Murphy NC

Harrahs Casino Murphy NC Harrahs Casino Opening Day in Murphy NCIt’s official! The approximately 110 million dollar project known as Harrahs Cherokee Valley River Casino and Hotel officially opened its doors for business today right here in Murphy NC. The attendance was so great it literally caused a several mile long traffic jam on the the eastbound 74! It’s an exciting business that has brought some great job opportunities to the area. As you can see from the pictures, there were a lot of people there checking it out.

It’s been over a year ago since the Cherokee representatives met with local Realtors in the area, and its amazing to see such an ambitious construction project come to fruition. It’s another thing to add to the To Do List in Murphy NC. As we understand, there are more phases in the long range plan that will bring ever more entertainment, food, and more right here to Murphy. If you’re a casino goer, enjoy! 😀

John Poltrock – REMAX of Murphy NC – www.MyMurphy.comJohnPoltrock@gmail.com – Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team

Harrah’s Cherokee Valley River Casino and Hotel in Murphy NC Update

Cherokee Harrahs Casino Valley RiverAt the Mountain Lakes Board of Realtors Luncheon today, two representatives of Harrah’s, one of which was Lumpy Lambert, were kind enough to join us and provide an update on how the casino construction project is going here in Murphy, NC. They were able to provide some great updates I thought I would share with you:

  • They said it will take “at least 900 jobs” to run the casino with an estimated payroll of $32-39 million.
  • There will be approximately 50,000 square feet of gaming.
  • It will not have a restaurant initially. It will have a “Food Market” that will feature four food company choices and are planned as follows:
    • Nathan’s Famous
    • Panda Express
    • Starbucks
    • Earl of Sandwich
  • They have multiple phases in development. Phase 1 is what they are building now and each respective phase will build on the next. With 86 acres, there are many opportunities of what’s to come.

As progress continues to develop, you’ll hear it in many sources. They’re estimating and August 2015 opening. We will see more of what’s to come.

Check out the Opening Day Post for Harrahs Cherokee Valley River Casino and Hotel.

The Poltrock Team – REMAX of Murphy NC – www.MyMurphy.comJohnPoltrock@gmail.com – Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team

NCDOT Awards the Bridge Construction Project to Service Harrahs Casino in Murphy NC

It was just notified that the construction project has been awarded to build the bridge to service the Harrahs Cherokee Casino in Murphy NC. The contract was recently awarded to Simpson Construction Company for $2,520,623. Construction is estimated to begin in March and should be done by the middle of November.

Progress is being made! This bridge will tie into 74 just East of Murphy’s Wal-Mart to cross over the Valley River and tie in to the site where the casino is being built. They have already started some land clearing and major construction is posed to begin later this year.

Looking to purchase or sell real estate in the area? Be sure to contact us and let us know what we can do to help.  We’re here for you!  😀

The Poltrock Team – REMAX of Murphy NC – www.MyMurphy.comJohnPoltrock@gmail.com – Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team

Cherokee Harrahs Casino Update for Murphy NC

Earlier in July, I shared my thoughts on what impact I believed the casino coming to Murphy would have. The project is still unquestionably on and scheduled to be built. They have begun clearing the site and the grade work has started. It is scheduled to be open and ready for business sometime in June 2015. Cherokee County has shared with us some projections for the project being built, and I wanted to share that presentation with you.

Harrahs Casino Update for Murphy NC

The Poltrock Team – REMAX of Murphy NC – www.MyMurphy.comJohnPoltrock@gmail.com – Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team

What impact will the Cherokee Indian Casino have on the Murphy NC Economy and Real Estate Market?

With the recent announcement that the Cherokee Indian Casino is just around the corner in Murphy NC, it most certainly changes the face of our local economy. When I meet with those looking to sell their home or real estate, they understandably want to know what impact will it have on their home values. Buyers, too, want to know what we anticipate happening so they can “time” their purchase.

Playing Cards and ChipsThings to consider: We have the Harrah’s Casino in Cherokee to look for as a template of what can happen here locally in Murphy. Harrah’s, as a business model, wants to capture as much of the business as possible directly in their facility. The less folks who venture away from the casino yields higher profits for them. Therefore, they have incredible offerings right on site: restaurants, entertainment, gaming, leisure, lodging, the whole nine yards. There is truly little reason to venture away from the facility for most people. Not only that, since the Cherokee own the land, they have no need to worry about immediate competition. We will not be Las Vegas or Atlantic City because no other competitors can purchase land and set up shop locally because it is illegal off of tribal land. Therefore, there will be one facility like that on the Cherokee Reservation.

What I anticipate: Personally, I believe our local economy will see an infusion. Laborers both locally and out of area will need to be hired to prepare and build the required structures. Those jobs, wages, and spending will put more capital into the economy. That will continue once the facility is built as they are anticipating 800+/- jobs to be created.

How will it impact the real estate market? I believe the demand for rentals will increase. On top of that, some tenants may have the ability to pay a higher rent. We have two markets for real estate here locally – primary homes (people purchasing to live full time) and secondary homes (vacation/retirement/etc. homes). I expect to see an increase in the primary market because of the additional and/or increased wages. I think the secondary market will see a different result – little to no change. I find it difficult to believe folks will buy a vacation home so they can be close to the casino when lodging is offered by the casino and they strive to keep people on their property. Some will buy as a result, some will not want to buy because of the casino, and others will buy here because of the “classic” reasons they have always wanted to come to Murphy. I think in the end, it will be a flat to slightly higher increase in demand.

This topic is full of varying opinions, beliefs, and much more. I’d love to hear your thoughts on this issue – especially on the impact you think it will have. Let us know by clicking the “Comment” button and leaving your response. Do remember it has to be approved by me so it may take a bit before it comes live. Thanks!

The Poltrock Team – REMAX of Murphy NC – www.MyMurphy.comJohnPoltrock@gmail.com – Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team