In Gone with the Wind, one of my all-time favorite books and movies, Scarlett O’Hara returns to find Tara, her family’s Georgia plantation, almost in ruins as the American Civil War is winding down. The house is barely standing, and the grounds are devastated. After four tortured years or warfare, her father Gerald O’Hara has lost his mind.

In one scene, Scarlett bemoans the difficulty in keeping Tara functional. Gerald gathers enough mental strength to grab a fistful of dirt and tell her, “Land is the only thing that lasts. It is the only thing worth fighting for, worth dying for…”

Societies have always considered land as one of any civilization’s most valuable assets. Common ground, or turf, gives people a sense of community and commonality. A finite amount of land in demand increases its value, which is why developers are quickly acquiring land in American gaming communities.

Land in the three major gaming regions in the US has become the coin of the realm. The altered landscape already has both rewards and repercussions.

A few months ago, I have addressed the issue of maintaining the historic and structural value of buildings, as opposed to just knocking them down. I questioned how to determine how to balance renovation and reconstruction, as opposed to demolition and development. Although I don’t have the answers, I suppose the ideal solution leads to all parties feeling good.

Atlantic City faces four major land issues. Pinnacle Entertainment, Inc. will purchase the 26-year-old Sands casino from billionaire Carl Icahn. Rather than perform another building facelift, they will shut the doors on November 11th, tear it down within six months and build a $1billion-plus property by 2010.

Groundbreaking for Pinnacle’s new casino may not even occur before mid-2008. Atlantic City’s industry will hopefully absorb the lost revenues when several of the other properties’ new towers and expanded gaming rooms open.

The second is the closing of Bader Field, opened in 1919, and first to use the term “air-port” to describe the waterfront landing strip. Located along the back bays, Bader Field’s prime waterfront real estate peninsula offers a wonderful opportunity for development.

Las Vegas gaming icon Steve Wynn, who has twice before forayed into the Atlantic City industry since 1980, recently visited city officials to discuss his possible interest in the Bader Field land.

The Morgan Stanley investment firm has brought Wall Street right to Atlantic Avenue and the Boardwalk. The company owns 20 acres just north of the Showboat, and is close to selecting a casino partner for the property.

Finally, Wally Barr, former Caesars Entertainment CEO and longtime local casino executive, and Curtis Bradshaw, former executive director of the New Jersey Casino Reinvestment Development Authority (CRDA), have formed an investors’ group. They could spend $85 billion for 11 acres just south of the Hilton as early as mid-November.

In Las Vegas, demolition is a way of life as developers prepare for giant projects. Last fall, the MGM Mirage group broke ground on its $7 billion, 66-acre CityCenter project, consisting of hotels, condominiums, office space and casinos. To make room for the project, they demolished properties on the site in the middle of the Las Vegas Strip.

MGM Mirage CEO Terry Lanni has revealed they are considering a CityCenter East project on the Borgata’s 70 acres of adjacent land at Renaissance Pointe in Atlantic City.

Last January, Boyd Gaming announced its plan to build the $4 billion Echelon Place on the site of the Stardust, to be demolished in early 2007. As the second- most expensive hospitality development in history, when completed in early 2010, it will have a casino, four hotels, 25 restaurants and bars, an ExpoCenter and a convention center. Boyd also purchased an additional 24 acres of adjacent land in early October.

The $1.5 billion Cosmopolitan Resort & Casino is under construction on an 8.5-acre site on the Strip. The two glass towers will combine hotel and condominium living with casino, health club and meeting space. The first tower, to open in late 2007 or early 2008, is completely sold out.

Then there is the Mississippi Gulf Coast. As the region rebuilds, the land value closest to the casino region has skyrocketed. Plans for chic apartments and offices will totally reshape the landscape and atmosphere of what was historically a community of working people.

So, as times and circumstances change, so will the development. However, one thing is clear… there is only so much desirable ground out there, so it must be used wisely. As Gerald O’Hara said, the land is the only thing that lasts.

What happens to the thousands of employees affected by these demolitions? What responsibility does the employer have? We’ll take a look at that in a future column.

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