Katrina Recovery Nevertheless Continues Ten Years Later, and Casino Industry Does Its Component
Hurricane Katrina dealt a bad hand to casinos in Biloxi while the rest for the Gulf Coast, but those companies have played a major part in getting the whole region back on its foot now.
Hurricane Katrina battered the Gulf Coast 10 years ago, as well as for apparent reasons, most for the discussion about the storm, its aftermath, and its impact on the region has been on the very real stories that are human impacted those in brand New Orleans, Mississippi, and beyond.
But there is another story that is equally real find out, one of the gaming industry which was 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 role soon after Hurricane Katrina, and it did 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 had beenn’t also sure they could be able to convince gaming that is major to keep coming back to the region, considering the high costs of rebuilding or fixing their operations.
Casinos Return to locate Success
But ultimately, those operators and their casinos did keep coming back.
‘I do not 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 how to handle it, but it was a place no one was going to 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 gambling enterprises are in operation in Biloxi, Gulfport, and Bay St. Louis, simply two less than ahead of the storm.
The gambling enterprises are not exactly just like these people were before Katrina, nonetheless. Many are smaller, and the Gulf Coast casinos now use just somewhat more than half as a decade was done by them early in the day. But there is however no doubt that these companies have provided enormous economic benefits to the region that few other industries had been in a position to do.
Based on a 2014 study by Oxford Economics, the gaming industry contributes more than $4 billion more chilli slot machine play free online to the economy in Mississippi. But what no one could have expected ended up being 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 to video gaming might seem surprising to some. But in accordance with gambling addiction specialist Deborah Smith, it was very nearly predictable.
‘Anytime there is a disaster that is natural individuals are likely to experience PTSD,’ Smith told ESPN.com. ‘They feel terrible, and additionally they want to feel a lot better. Gambling actually assists them feel better for the brief moment.’
Of course, many of these social people may have gambled significantly more than they should have in the wake of these a tragedy. Not interestingly, both Louisiana and Mississippi saw spikes in calls to a problem that is national hotline following the disaster, though that trend leveled down after having a few years.
The relative success of the gaming industry is not a tale that is fairy closing for the spot, though. Katrina certainly left a mark that remains being believed today, with many lost lives or livelihoods, particularly in New Orleans, and more particularly in the town’s African-American community, which in many ways is nevertheless rebuilding even a 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 will be a major negative, as it would cut the business off from Mobile and the Florida Panhandle,’ wrote gaming analyst Alex Bumazhny of Fitch Ratings provider earlier this year.
For now, that’s one hurricane which hasn’t landed yet, much to everybody’s relief. But it still could into the future that is not-too-distant and the impact of nearby gambling might be just as hard to combat within the region as any Cat 5 storm.
Macau Gambling Revenues Continue Sharp Decline
Macau casinos are hoping to earn more cash through non-gaming tasks, but some doubt whether the Las Vegas model shall work here. (Image: BBC)
Macau ended up being said to be recovering from its casino struggles chances are, because of the Chinese territory now well over a year into declines brought on by an anti-corruption drive in Beijing and other factors.
But there is apparently no improvement in store for the gambling hub anytime soon, as gross gaming revenue dropped 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 which makes Macau the gambling center that is largest in the world.
However, it’s a far cry from the types of numbers seen up through very 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 ended up being anticipated to be even worse in some circles, with a study of analysts by Bloomberg finding they expected in regards to a 38 percent autumn.
But which will come because comfort that is little casino operators, who had hopes that newly opened resorts in the city would provide a boost to tourism.
But while those projects, such as the latest phase of expansion by Galaxy Entertainment, opened in May, they did absolutely nothing to improve revenue in the city.
Travel from China, which will be the driver that is biggest of business in Macau, was actually down yet again this summer, with July’s tourism figures showing a six percent decline when compared with the year before.
Decline Causes Austerity Measures to Kick In
The continued decline has gotten to the point where Macau’s government can no much longer ignore their effect. About 80 percent of this local budget that is governmental from gambling taxes, meaning that the razor- sharp falloff was eventually going to need some cutbacks.
Those austerity measures had been finally announced on Tuesday, though they have been modest, at minimum for the present time.
General 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 searching particularly promising for Macau’s casinos, either. The recent devaluation associated with Chinese yuan and trouble in 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 Doubt Diversification Will Help
All of the issues have actually led to renewed calls for Macau to diversify its offerings, with both mainland Chinese authorities and municipality placing stress on the industry to locate brand new approaches to derive revenue.
The idea is always to find a method for Macau to emulate a model more like compared to Las vegas, nevada, where non-gaming tasks will be the source that is biggest of revenue, or at minimum an important contributor to the bottom line.
The problem is Macau has a long way to go in that respect. At the brief minute, casino operators make significantly less than ten percent of all revenues from non-gaming sources, compared to significantly 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 video gaming markets 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 trying to spot bets regarding the 2016 US presidential election. (Image: Christopher Gregory/Getty)
The current US campaign that is presidential anything but boring, that is without a doubt. And you will bet it will continue to unfold within an interesting way. Well, you can bet anywhere except in its nation of origin, that is.
The battle for president regarding the usa won’t be decided for a year, though you might easily be forgiven if you forgot it was that far away: coverage of the race is pretty intense this summer time, even with the first primaries still months off.
But it’s not just Americans interested into the rise and fall of various candidates, as bookmakers in many overseas countries are also seeing a rise in interest when it comes to betting on the 2016 election season.
A look that is quick Oddschecker, a website that compares betting odds at numerous various sportsbooks across the Internet, shows just how many various companies are providing bets on both the eventual champion of the presidential competition and both the Democratic and Republican nominees. It’s a market that’s sure to own just as much twists and turns as the races themselves, with the chances already shifting significantly in simply the last few 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 most likely picks. But that trio is joined with a fourth candidate that is top-tier larger-than-life personality Donald Trump, who is beginning to be observed as a real contender, at least in the eyes of several bettors.
At most sports websites that are betting Bush remains the favorite, provided by chances of about 6-4. But Trump can be listed since the choice that is second 7-2 odds, while Rubio and Walker appear in at around 6-1 each.
On the Democratic side, previous Secretary of State Hillary Clinton is still an overwhelming favorite, but at least two other candidates are now being provided a fighting chance by oddsmakers. Vermont Senator Bernie Sanders is pegged as a 6-1 choice at many sportsbooks, while Vice President Joe Biden, that hasn’t even declared for the race as of yet, is listed at 5-1 by many websites.
UK Bets 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’s a noticeable change for the slice of their business that usually was not taken very really.
‘In the last, political bets had been largely loss leaders for wagering companies, and they had been mainly great for drumming up a bit of publicity,’ Shaddick told USA Today. ‘ Now it is being taken by us more seriously, and we expect the amounts will increase dramatically the closer we reach election time.’
Just as coverage of the election so far has concentrated greatly on Trump’s campaign, so has the betting far away. According to a spokesperson for Paddy Power, more than half regarding the wagers they have taken so far have also come in regarding the business magnate and reality tv star.
Simply because Americans generally can’t bet on the election doesn’t mean that they’ren’t engaging in the gambling in some real means, though. The Iowa Electronic Markets give Americans an appropriate method to bet on the result through futures contracts, and a site called PredictIt, operated by Victoria University in New Zealand, offers a similar solution.
Meanwhile, some lawmakers in Nevada state that sportsbooks in the Silver State should manage to take bets on elections simply as they do for a variety of sports.
‘Why not bet in Nevada while making some cash on it?’ State Senator Richard Segerblom (D-Las Vegas) told the Boston Globe. ‘People say it’s going to ruin our reputation. That is Nevada. What type of reputation are you talking about?’