Katrina Recovery Still Continues Ten Years Later, and Casino Industry Does Its Component



Hurricane Katrina dealt a hand that is bad casinos in Biloxi plus the rest of this Gulf Coast, but those companies have played a major role in getting the whole region right back on its legs now.

Hurricane Katrina battered the Gulf Coast 10 years ago, and for obvious reasons, most regarding the discussion about the storm, its aftermath, and its particular impact on the region has been in the really real human stories that impacted those in brand New Orleans, Mississippi, and beyond.

But there is another equally real tale to be told, certainly one of the gaming industry that has been impacted dramatically by Katrina, only to not only rebound it self, but also help those in need during and following the storm.

Gambling played an important economic part soon after Hurricane Katrina, and it did so much more quickly than might have been expected provided the circumstances.

After the harm caused to many casinos in Biloxi, Gulfport, and elsewhere, local officials weren’t even sure they is able to convince major gaming operators to keep coming back to the region, considering the high costs of rebuilding or restoring their operations.

Casinos Return to locate Success

But sooner or later, those operators and their casinos did come back.

‘I do not think anyone ever thought about maybe not rebuilding,’ Hollywood Casino Gulf Coast and Boomtown Biloxi CFO Wade Howk told the nevada Review-Journal. ‘People took their time deciding how to proceed, but it was a place no one would definitely give up on.’

Aided by changes in Mississippi legislation that allowed casinos to be built somewhat offshore to better protect themselves against future storms, the operators decided to reconstruct. Now, 11 gambling enterprises are in procedure in Biloxi, Gulfport, and Bay St. Louis, just two fewer than prior to the storm.

The casinos aren’t exactly just like these people were before Katrina, however. Most are smaller, and the Gulf Coast casinos now use just just a little over fifty percent as a decade was done by them early in the day. But there is however no question why these organizations have provided enormous economic benefits to the location that few other industries were able to do.

Based on a 2014 study by Oxford Economics, the gaming industry contributes more than $4 billion to the economy in Mississippi. But what no one could have expected was that, in the years immediately following the hurricane, video poker revenues spiked in New Orleans and throughout Louisiana.

Stress May Have Driven Surge in Local Gambling

The drive back once again to gaming may appear astonishing to some. But based on gambling addiction specialist Deborah Smith, it was almost predictable.

‘Anytime there exists a natural catastrophe, individuals are likely to experience PTSD,’ Smith told ESPN.com. ‘They feel terrible, and they want to feel much better. Gambling actually assists them feel better for the brief moment.’

Needless to say, a number of these people may have gambled more than they must have in the wake of such a tragedy. Perhaps Not interestingly, both Louisiana and Mississippi saw surges in calls up to a national problem gambling hotline following a disaster, though that trend leveled down after having a several years.

The general success of the gaming industry isn’t a fairy tale delighted closing for the region, though. Katrina certainly left a mark that is still being experienced today, with many lost lives or livelihoods, especially in New Orleans, and a lot more particularly in the city’s African-American community, which in many ways is still rebuilding even a decade later.

But the video gaming industry remains of vital importance to the Gulf Coast. And today, the biggest threat isn’t another hurricane, but rather the expansion of gaming in neighboring states.

‘Everyone in Biloxi [acknowledges] an expansion in Alabama will be a major negative, because it would cut the business off from mobile phone and the Florida Panhandle,’ wrote gaming analyst Alex Bumazhny of Fitch Ratings Service previously this year.

For the time being, that’s one hurricane who hasn’t landed yet, much to every person’s relief. But it nevertheless could within the future that is not-too-distant plus the impact of nearby gambling might be just as hard to combat in the region as any Cat 5 storm.

Macau Gambling Revenues Continue Sharp Decline

Macau casinos are hoping to earn additional money through non-gaming activities, but some doubt whether or not the Las Vegas model shall work there. (Image: BBC)

Macau was allowed to be recovering from its casino battles at this point, with all the territory that is chinese more than a year into decreases brought on by an anti-corruption drive in Beijing and other factors.

But there appears to be no improvement in store for the gambling hub anytime soon, as gross gaming revenue dropped by another 35.5 percent in August to mark the 15th straight month of decrease for Macau’s casino industry.

Revenues for the month fell to 18.6 billion patacas ($2.3 billion), still a figure that makes Macau the biggest gambling center in the globe.

However, this is a cry that is far the kinds of numbers seen up through early 2014, when the city earned as much as 38 billion patacas ($4.8 billion) in a month.

New Casinos Do Little to Improve Revenues

August’s decrease was expected to be even worse in some circles, by having a survey of analysts by Bloomberg finding they expected about a 38 percent fall.

But which will come as little comfort to casino operators, who had hopes that newly opened resorts in the city would offer a boost to tourism.

But while those projects, such as the latest phase of expansion by Galaxy Entertainment, opened in May, they have inked nothing to improve revenue in the city.

Travel from China, which can be the driver that is biggest of business in Macau, had been actually down just as before this summer, with July’s tourism figures showing a six percent decline compared to the year before.

Decline Forces Austerity Measures to Kick In

The continued decline has gotten to the stage where Macau’s government can no longer ignore their impact. About 80 percent of this regional governmental budget comes from gambling taxes, meaning that the razor- sharp falloff was eventually going to require some cutbacks.

Those austerity measures were finally announced on Tuesday, though they are modest, at minimum for the present time.

Public spending will be reduced by about 1.4 billion patacas ($180 million) for the 2015 fiscal year, mostly impacting the purchase of day-to-day supplies and some third-party solutions.

The near future isn’t searching particularly promising for Macau’s casinos, either. The current devaluation regarding the Chinese yuan and trouble within the Chinese stock market could continue to hurt profits at casinos there, particularly by reducing the already declining VIP player base that operators long relied on.

Some Question Diversification Will Help

All among these concerns have actually led to renewed calls for Macau to diversify its offerings, with both mainland Chinese authorities and government that is local pressure on the industry to find new techniques to derive revenue.

The idea is find a method for Macau to emulate a model more like compared to Las Vegas, where non-gaming activities would be the biggest source of revenue, or at least an important contributor to the bottom line.

The problem is that Macau includes a good way to go in that respect. At the brief moment, casino operators make less than 10 % of all of the revenues from non-gaming sources, compared to more than 60 percent in Las Vegas.

Even though Macau may be able to improve in this regard, at least one executive with a lot of experience in Asian gaming areas says it shall never change considerably.

Betting on US Presidential Campaign Outcome for 2016: Okay Anywhere Except in America

GOP candidate Donald Trump has garnered most of the wagering from gamblers in the UK looking to put bets on the 2016 US election that is presidential. (Image: Christopher Gregory/Getty)

The current US campaign that is presidential anything but boring, that’s without a doubt. And you will bet it will continue to unfold in a interesting way. Well, you can bet anywhere except in its nation of origin, that is.

The race for president associated with the United States won’t be determined for a year, if you forgot it was that far away: coverage of the race has been pretty intense this summer, even with the first primaries still months off though you could easily be forgiven secrets to more chilli slots.

But it’s not just Americans interested in the rise and fall of various applicants, as bookmakers in many overseas countries are additionally seeing a surge in interest whenever it comes down to betting on the 2016 election season.

A fast look at Oddschecker, a web site that compares betting odds at numerous different sportsbooks across the Internet, shows how many different companies are providing bets on both the ultimate champion of the presidential battle and both the Democratic and Republican nominees. It’s a market that is sure to have just as numerous twists and turns as the races by themselves, with chances already shifting significantly in just yesteryear couple of months.

Bush, Clinton Pegged as Betting Favorites

On the side that is republican for instance, previous Florida Governor Jeb Bush came in as the favorite to win the nomination, with Wisconsin Governor Scott Walker and Florida Senator Marco Rubio also seen as likely picks. But that trio was joined by way of a fourth top-tier prospect: larger-than-life personality Donald Trump, who is beginning to be viewed as a genuine contender, at the least in the eyes of many bettors.

At most sports betting websites, Bush is still the favorite, offered at odds of about 6-4. But Trump can be listed while the choice that is second 7-2 odds, while Rubio and Walker are available in at around 6-1 each.

On the side that is democratic previous Secretary of State Hillary Clinton is nevertheless an overwhelming favorite, but at least two other candidates are now being offered a fighting chance by oddsmakers. Vermont Senator Bernie Sanders is pegged as a choice that is 6-1 many sportsbooks, while Vice President Joe Biden, who may haven’t even declared for the race at the time of yet, is listed at 5-1 by many websites.

British wagers on the Colonies and Trump

Great britain in particular has taken a strong curiosity about the 2016 race that is presidential. In accordance with Matthew Shaddick, mind of political odds for Ladbrokes, it is change for the slice of their business that usually was not taken very really.

‘In the last, political bets were largely loss leaders for betting companies, and they were mainly advantageous to drumming up a bit of publicity,’ Shaddick told USA Today. ‘ Now we’re using it more really, and we anticipate the quantities will increase dramatically the closer we arrive at election time.’

Simply as coverage of the election so far has focused heavily on Trump’s campaign, so gets the betting far away. Based on a spokesperson for Paddy Power, over fifty percent associated with the bets they have taken to date have also come in in the continuing business magnate and reality television star.

Simply because Americans generally can’t bet on the election does not mean that they’ren’t taking part within the gambling in some real methods, though. The Iowa Electronic Markets give Us citizens an appropriate means to bet in the outcome through futures contracts, and a website called PredictIt, operated by Victoria University in New Zealand, delivers a service that is similar.

Meanwhile, some lawmakers in Nevada say that sportsbooks into the Silver State should find a way to take bets on elections simply as they do for a variety of sports.

‘Why perhaps not bet in Nevada and also make some cash on it?’ State Senator Richard Segerblom (D-Las Vegas) told the Boston Globe. ‘People say it’s going to ruin our reputation. This is certainly Nevada. What kind of reputation are you speaking about?’