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I actually think Niagara Falls would have been better off foregoing the gambling and wax museum type of stuff. Instead, they should have capitalized on the stunning natural setting and surrounding recreational opportunities. Developed a cute/charming town center and kept the area more or less pristine and quaint. I could see that type of environment being hugely popular, especially as a weekend get away for Toronto. But I guess that's really never been what NF is about.
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Gambling brought the last boom and massive hotel expansion. It was a deliberate move by the Ontario government to stimulate the local economy and it worked. The economy in the post-honeymoon era was moribund.
We cannot deny the history of Niagara Falls, which created the schlock of Clifton Hill. This has existed for over 150 years, dating to when the first tight rope walkers crossed over the falls. I think we need to respect and build around this rather unique history instead of trying to bury it.
If you want a cute and charming town centre, it already exists just down the road at Niagara-on-the-Lake. This developed naturally as a typical historic Ontario town, while trying to do the same in Niagara Falls itself would be a totally artificial creation.
There is all kinds of ways to improve NF but we cannot make it something that it is not.
The interesting natural areas and stunning settings already exist all along the Niagara Parkway and in the Niagara park system if people care to explore. Parks are great but they will never create success similar to Las Vegas. They alone will not even support the status quo.