Hurricane Katrina dealt a bad hand to gambling enterprises in Biloxi plus the rest regarding the Gulf Coast, but those businesses have played a major role in getting the entire region straight back on its foot now.
Hurricane Katrina battered the Gulf Coast a decade ago, and for apparent reasons, most of the discussion about the storm, its aftermath, and its particular impact on the area has been regarding the very real peoples tales that impacted those in New Orleans, Mississippi, and beyond.
But there is another similarly real tale to be told, one of the gaming industry which was impacted dramatically by Katrina, only to not just rebound itself, but also help those in need of assistance during and after the storm.
Gambling played a major role that is economic after Hurricane Katrina, and it did so much more quickly than might have been expected given the circumstances.
After the damage caused to many casinos in Biloxi, Gulfport, and elsewhere, local officials weren’t also sure they could be able to convince major video gaming operators to come back to the spot, considering the high costs of rebuilding or restoring their operations.
Casinos Return to get Triumph
But ultimately, those operators and their casinos did come back.
‘I do not think anyone ever thought about perhaps not rebuilding,’ Hollywood Casino Gulf Coast and Boomtown Biloxi CFO Wade Howk told the vegas Review-Journal. ‘People took their time deciding how to proceed, but this was a place no one was going to give up on.’
Aided by changes in Mississippi law 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, simply two fewer than before the storm.
The casinos are not exactly just like they were before Katrina, but. Many are smaller, and the Gulf Coast casinos now employ just a little over fifty percent as they did a ten years early in the day. But there is however no doubt why these businesses have provided enormous economic benefits to the spot that few other companies had been able to do.
In accordance with 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 anticipated ended up being that, in the full 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 again to video gaming might seem surprising to some. But in accordance with gambling addiction specialist Deborah Smith, it was nearly predictable.
‘Anytime there’s a natural tragedy, people are likely to experience PTSD,’ Smith told ESPN.com. ‘They feel terrible, and they want to feel better. Gambling actually helps them feel better for the moment.’
Needless to say, a number of these people could have gambled more than they needs in the wake of such a disaster. Perhaps Not surprisingly, both Louisiana and Mississippi saw spikes in calls up to a problem that is national hotline following disaster, though that trend leveled down after having a several years.
The relative success of the gaming industry isn’t a fairy tale delighted ending for the location, though. Katrina certainly left a mark that continues to be being felt today, with many lost lives or livelihoods, particularly in New Orleans, and more particularly in the city’s African-American community, which in many ways is still rebuilding a good decade later.
But the 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 would have been a major negative, as it would cut off the company from Mobile and the Florida Panhandle,’ wrote gaming analyst Alex Bumazhny of Fitch Ratings Service early in the day this year.
For the present time, that’s one hurricane that hasn’t landed yet, much to everybody’s relief. But it nevertheless could within the future that is not-too-distant as well as the impact of nearby gambling could be in the same way 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 or perhaps a Las Vegas model shall work there. (Image: BBC)
Macau ended up being supposed to be recovering from its casino struggles by now, using the Chinese territory now more than a year into declines triggered by an anti-corruption drive in Beijing and other factors.
But there appears to be no change in shop for the gambling hub anytime soon, as gross gaming revenue fell by another 35.5 % 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 produces Macau the gambling center that is largest in the globe.
However, this is a far cry from the types of numbers seen up through early 2014, when the city brought in as much as 38 billion patacas ($4.8 billion) in a month.
New Casinos Do Little to Boost Revenues
August’s decrease had been likely to be a whole lot worse in some circles, by having a survey of analysts by Bloomberg finding they expected about a 38 percent fall.
But which will come since comfort that is little casino operators, that has hopes that newly opened resorts in the town would provide a boost to tourism.
But while those projects, including the phase that is latest of expansion by Galaxy Entertainment, opened in May, they have inked nothing to improve revenue in the city.
Travel from China, which is the driver that is biggest of business in Macau, had been actually down yet again 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 decline that is continued gotten to the stage where Macau’s government can no longer ignore their effect. About 80 per cent regarding the neighborhood government budget comes from gambling taxes, meaning that the sharp falloff was eventually going to require some cutbacks.
Those austerity measures were finally established on Tuesday, though they’ve been modest, at minimum for the present time.
Public spending will be reduced by about 1.4 billion patacas ($180 million) for the 2015 year that is fiscal 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 recent devaluation for the yuan that is chinese trouble within the Chinese stock market could continue to hurt revenues at casinos there, specially by reducing the already declining VIP player base that operators long relied on.
Some Question Diversification Will Help
All of these issues have actually led to renewed calls for Macau to diversify its offerings, with both mainland Chinese authorities and government that is local stress on the industry to get brand new how to derive revenue.
The theory is find a way for Macau to emulate a model more like that of Las vegas, nevada, where non-gaming activities are the biggest source of revenue, or at least a major contributor to the bottom line.
The problem is the fact that Macau includes a long distance to go in that regard. At the brief moment, casino operators make not as much as 10 % of most revenues from non-gaming sources, compared to a lot more than 60 percent in Las Vegas.
Even though Macau might be able to improve in this regard, a minumum of one executive with plenty of experience in Asian video gaming markets says it will never change considerably.
Betting on US Presidential Campaign Outcome for 2016: Okay Anywhere Except in the us
GOP candidate Donald Trump has garnered nearly all of the wagering from gamblers in the UK trying to put bets in the 2016 US presidential election. (Image: Christopher Gregory/Getty)
The current US campaign that is presidential anything but boring, that’s for sure. And you more chilli slot las vegas can bet it will continue to unfold in an interesting way. Well, you are able to bet anywhere except in its country of origin, that is.
The race for president for the usa won’t be determined for a year, though you might easily be forgiven if you forgot it had been that far away: coverage of the race is pretty intense this summer time, despite having initial primaries still months down.
Nonetheless it’s not just Americans interested into the rise and fall of numerous applicants, as bookmakers in many countries that are overseas additionally seeing a surge in interest whenever it comes down to betting on the 2016 election season.
A quick look at Oddschecker, a web site that compares betting odds at numerous different sportsbooks across the web, shows how many different companies are offering bets on both the ultimate champion of the presidential race and both the Democratic and Republican nominees. It is a market that’s sure to have just as numerous twists and turns as the events on their own, with the chances already moving significantly in just yesteryear month or two.
Bush, Clinton Pegged as Betting Favorites
On the Republican side, for instance, former Florida Governor Jeb Bush came in since the favorite to win the nomination, with Wisconsin Governor Scott Walker and Florida Senator Marco Rubio also seen as likely picks. But that trio is joined with a fourth top-tier candidate: larger-than-life personality Donald Trump, who is beginning to be seen as a real contender, at least in the eyes of many bettors.
At most sports websites that are betting Bush is still the favourite, offered by chances of about 6-4. But Trump is usually listed as the second choice at 7-2 odds, while Rubio and Walker are available at around 6-1 each.
On the Democratic side, previous Secretary of State Hillary Clinton is still an overwhelming favorite, but at the very least tw