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

Katrina<span id="more-8687"></span> Recovery Still Continues Ten Years Later, and Casino Industry Does Its Part

Hurricane Katrina dealt a hand that is bad gambling enterprises in Biloxi while the rest of this Gulf Coast, but those companies have played a major role in getting the complete region right back on its feet now.

Hurricane Katrina battered the Gulf Coast ten years ago, and for obvious reasons, most of this discussion about the storm, its aftermath, and its impact on the area has been regarding the very real human being stories that impacted those in New Orleans, Mississippi, and past.

But there is another equally real story to learn, certainly one of the gaming industry which was impacted dramatically by Katrina, only to not only rebound itself, but also help those in need of assistance during and after the storm.

Gambling played a significant role that is economic after Hurricane Katrina, and it did a lot more quickly than might have been expected offered the circumstances.

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

Casinos Return to locate Triumph

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

'i don't think anyone ever thought about not rebuilding,' Hollywood Casino Gulf Coast and Boomtown Biloxi CFO Wade Howk told the Las Vegas Review-Journal. 'People took their time deciding what to do, but this was a accepted place no one would definitely give up on.'

Aided by changes in Mississippi legislation that allowed casinos to slightly be built offshore to better protect themselves against future storms, the operators decided to rebuild. Now, 11 casinos are in operation in Biloxi, Gulfport, and Bay St. Louis, just two fewer than before the storm.

The casinos aren't exactly the same as these people were before Katrina, however. Most are smaller, and the Gulf Coast casinos now use only a little over fifty percent as they did a ten years earlier. But there is however no doubt why these companies have provided enormous economic benefits to the location that few other companies were in a position 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 expected 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 in to video gaming might seem surprising to some. But according to gambling addiction specialist Deborah Smith, it was nearly predictable.

'Anytime there is a natural catastrophe, people are going to experience PTSD,' Smith told ESPN.com. 'They feel terrible, and additionally they want to feel a lot better. Gambling actually helps them feel better for the brief moment.'

Of course, several social people may have gambled more than they needs to have in the wake of such a tragedy. Not interestingly, both Louisiana and Mississippi saw spikes in calls to a national problem gambling hotline after the disaster, though that trend leveled down after having a few years.

The relative success of the gaming industry isn't a tale that is fairy ending for the spot, though. Katrina certainly left a mark that remains being experienced today, with many lost lives or livelihoods, particularly in New Orleans, and more particularly in the city's African-American community, which in a lot of ways is nevertheless rebuilding a good decade later.

But the video gaming industry remains of vital importance to the Gulf Coast. And today, the threat that is biggest 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 Cellphone and the Florida Panhandle,' wrote video gaming analyst Alex Bumazhny of Fitch Ratings Service early in the day this year.

For now, that's one hurricane which includesn't landed yet, much to everyone's relief. But it still could within the not-too-distant future, while the impact of nearby gambling could be just as hard to combat in the region as any Cat 5 storm.

Macau Gambling Revenues Keep Sharp Decline

Macau casinos are hoping to make more cash through non-gaming tasks, but some doubt perhaps the Las Vegas model shall work there. (Image: BBC)

Macau had been allowed to be recovering from its casino struggles at this point, with all the territory that is chinese well over a 12 months into decreases 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 per cent 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 more chilli mp3 slot the gambling center that is largest in the globe.

However, it 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 Improve Revenues

August's decrease had been likely to be even worse in some circles, having a survey of analysts by Bloomberg finding they expected about a 38 percent autumn.

But that may come as comfort that is little casino operators, that has hopes that newly opened resorts in the town would offer a boost to tourism.

But while those projects, including the latest phase of expansion by Galaxy Entertainment, opened in May, they did absolutely nothing to improve revenue in the city.

Travel from China, that will be the biggest motorist of business in Macau, was actually down just as before this summer, with July's tourism figures showing a six percent decline when compared with the year before.

Decline Forces Austerity Measures to Kick In

The decline that is continued gotten to the point where Macau's government can no longer ignore their effect. About 80 per cent of this regional government budget comes from gambling taxes, meaning that the sharp falloff was eventually going to require some cutbacks.

Those austerity measures had been finally announced on Tuesday, though they are modest, at least 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 services.

The future isn't looking particularly promising for Macau's casinos, either. The recent devaluation associated with the Chinese yuan and trouble into the Chinese stock market could continue to hurt revenues at casinos there, especially by reducing the already declining VIP player base that operators long relied on.

Some Question Diversification Will Help

All among these concerns have led to renewed calls for Macau to diversify its offerings, with both mainland Chinese authorities and local government placing stress on the industry to find new ways to derive revenue.

The theory is find a method for Macau to emulate a model more like that of Las Vegas, where non-gaming tasks are the biggest source of revenue, or at minimum an important contributor to the bottom line.

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

Even though Macau could possibly improve in this regard, at least one executive with plenty of experience in Asian gaming areas states it will never change considerably.

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

GOP candidate Donald Trump has garnered nearly all of the wagering from gamblers in the united kingdom looking to place wagers on the 2016 US election that is presidential. (Image: Christopher Gregory/Getty)

The current US presidential campaign is anything but boring, that is without a doubt. And you may bet it continues to unfold within an interesting way. Well, you'll bet anywhere except in its nation of origin, that is.

The race for president for the united states of america won't be determined for a 12 months, 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.

Nonetheless it's not merely Americans interested into the rise and fall of various applicants, as bookmakers in many countries that are overseas additionally seeing a rise in interest when it comes to betting on the 2016 election season.

A fast look at Oddschecker, a web page that compares betting odds at numerous different sportsbooks across the web, shows just how many various companies are providing bets on both the eventual champion of the presidential race and both the Democratic and Republican nominees. It's a market that is certain to own just as many twists and turns as the races themselves, with the odds already moving significantly in simply the last months that are few.

Bush, Clinton Pegged as Betting Favorites

On the side that is republican for instance, previous Florida Governor Jeb Bush came in once 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 by a fourth candidate that is top-tier larger-than-life personality Donald Trump, whom is beginning to be seen as a true contender, at the least in the eyes of many bettors.

At most sports websites that are betting Bush remains the favorite, provided by chances of about 6-4. But Trump is generally listed since the choice that is second 7-2 chances, 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 still an overwhelming favorite, but at least two other candidates are now being given a fighting chance by oddsmakers. Vermont Senator Bernie Sanders is pegged as a choice that is 6-1 numerous sportsbooks, while Vice President Joe Biden, that hasn't even declared for the race at the time of yet, is listed at 5-1 by many websites.

British Bets on the Colonies and Trump

Great britain in particular has taken a strong interest in the 2016 race that is presidential. Based on Matthew Shaddick, head of political odds for Ladbrokes, it is modification for a slice of their business that always was not taken extremely really.

'In the past, political bets were largely loss leaders for betting companies, and they had been primarily best for drumming up a bit of publicity,' Shaddick told USA Today. ' Now it is being taken by us more really, and we expect the quantities will increase dramatically the closer we arrive at election time.'

Just as coverage of the election so far has focused greatly on Trump's campaign, so gets the betting far away. In accordance with a spokesperson for Paddy Power, over fifty percent regarding the bets they have taken to date have actually are available in the continuing business magnate and reality television star.

Simply because Americans generally can't bet on the election doesn't mean they aren't engaging in the gambling in some ways, though. The Iowa Electronic Markets give Us citizens an appropriate means to bet on the outcome through futures contracts, and a niche site called PredictIt, operated by Victoria University in New Zealand, supplies a service that is similar.

Meanwhile, some lawmakers in Nevada state that sportsbooks in the Silver State should manage to take bets on elections just as they do on a variety of sporting events.

'Why maybe not bet in Nevada and make some money on it?' State Senator Richard Segerblom (D-Las Vegas) told the Boston Globe. 'People say it's planning to ruin our reputation. This is Nevada. The type of reputation are you talking about?'