This paper investigates the impact of casino openings on residential housing prices in Arkansas, focusing on Hot Springs, Pine Bluff, and West Memphis, along with their respective counties. Following the policy change in 2018, we utilize the synthetic control method with city- and county-level Zillow housing price data (2013–2025) to evaluate market responses. We find that the city of Hot Springs and its encompassing Garland County experienced a statistically significant increase in housing prices following the transition to full casino gaming in April 2019. In contrast, Pine Bluff, West Memphis, and their counties (Jefferson and Crittenden) showed no discernible change in housing prices attributable to their respective casino openings. Robustness checks using Realtor.com listing price data (2016–2025) yield consistent results. This mixed evidence suggests that the effects of casino openings on housing markets are not uniform and are likely influenced by preexisting local characteristics and market conditions.
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Masanori Kuroki (2026) studied this question.
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