Hurricane Katrina dealt a bad hand to casinos in Biloxi while the sleep for the Gulf Coast, but those businesses have played a major role in getting the complete region right back on its legs now.
Hurricane Katrina battered the Gulf Coast a decade ago, as well as for obvious reasons, most for the discussion about the storm, its aftermath, as well as its impact on the area has been regarding the really real human stories that impacted those in New Orleans, Mississippi, and beyond.
But there is another story that is equally real find out, one of the gaming industry that has been 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 an important economic role soon after Hurricane Katrina, and it did much more quickly than might have been expected offered the circumstances.
After the harm caused to many casinos in Biloxi, Gulfport, and elsewhere, local officials had beenn’t even sure they will be able to convince major gaming operators to keep coming back to the region, considering the high costs of rebuilding or repairing their operations.
Casinos Return to Find Success
But eventually, those operators and their casinos did come 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 what to do, but this was a place no one was going to give up on.’
Aided by modifications in Mississippi legislation that permitted casinos to slightly be built offshore to better protect themselves against future storms, the operators decided to rebuild. Now, 11 casinos are in procedure in Biloxi, Gulfport, and Bay St. Louis, just two less than prior to the storm.
The gambling enterprises are not exactly just like they were before Katrina, nonetheless. Many are smaller, and the Gulf Coast casinos now employ only a little more than half as a decade was done by them earlier. But there is however no doubt why these businesses have provided enormous benefits that are economic 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 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 appear surprising to some. But based on gambling addiction specialist Deborah Smith, it was very nearly predictable.
‘Anytime there is a natural catastrophe, individuals are likely to experience PTSD,’ Smith told ESPN.com. ‘They feel terrible, in addition they want to feel a lot better. Gambling actually helps them feel better for the moment.’
Needless to say, many of these social people could have gambled more than they needs to have in the wake of these a tragedy. Not surprisingly, both Louisiana and Mississippi saw surges in calls to a national problem gambling hotline following disaster, though that trend leveled down after a several years.
The relative success of the gaming industry is not a fairy tale happy ending for the region, though. Katrina certainly left a mark that is still being sensed today, with many lost lives or livelihoods, particularly in New Orleans, and much more particularly in the town’s African-American community, which in a lot of ways is still 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 could be a major negative, since it would cut off the business from Mobile and the Florida Panhandle,’ wrote video gaming analyst Alex Bumazhny of Fitch Ratings Service earlier in the day this year.
For the present time, that’s one hurricane that hasn’t landed yet, much to every person’s relief. But it still could within the not-too-distant future, as well as the impact of nearby gambling may be just like hard to combat into the region as any Cat 5 storm.
Macau Gambling Revenues Continue Sharp Decline
Macau casinos are hoping to make additional money through non-gaming activities, but some doubt or perhaps a Las Vegas model shall work there. (Image: BBC)
Macau had been said to be recovering from its casino battles by now, using the Chinese territory now well over a year into declines brought on 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 right month of decrease for Macau’s casino industry.
Revenues for the month dropped 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 is a far cry from the types 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 Boost Revenues
August’s decline ended up being likely to be even worse in some circles, by having a survey of analysts by Bloomberg finding they expected about a 38 percent fall.
But that may 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, such as the latest phase of expansion by Galaxy Entertainment, opened in May, they have done absolutely nothing to improve revenue in the city.
Travel from China, that will be the driver that is biggest 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 Activate
The continued decline has gotten to the point where Macau’s government can no much longer ignore their effect. About 80 percent of the neighborhood governmental budget comes from gambling taxes, meaning that the razor- sharp falloff was eventually going to need some cutbacks.
Those austerity measures were finally announced on though they have been modest, at least for now tuesday.
General more more chilli slot payouts 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 plus some third-party services.
The long run isn’t looking particularly promising for Macau’s casinos, either. The recent devaluation of the yuan that is chinese trouble in the Chinese stock market could continue to hurt revenues 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 local government placing strain on the industry to find brand new how to derive revenue.
The idea is always to find a way for Macau to emulate a model more like compared to Las Vegas, where non-gaming activities will be the source that is biggest of revenue, or at minimum a major contributor to the bottom line.
The problem is that Macau has a way that is long go in that respect. At the minute, casino operators make not as much as ten percent of all revenues from non-gaming sources, compared to more than 60 percent in Las Vegas.
And even though Macau may be able to improve in this regard, one or more executive with lots of experience in Asian video gaming markets claims 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 most of the wagering from gamblers in the united kingdom looking to put wagers on the 2016 US election that is presidential. (Image: Christopher Gregory/Getty)
The current US campaign that is presidential anything but boring, that’s for sure. And you can bet it will continue to unfold in a way that is interesting. Well, you are able to bet anywhere except in its nation of origin, that is.
The competition for president of this United States won’t be determined for a 12 months, though you could easily be forgiven in the event that you forgot it was that far away: protection of the race happens to be pretty intense this summer, despite having 1st primaries still months down.
However it’s not just Americans interested within the rise and fall of varied applicants, as bookmakers in many countries that are overseas also seeing a rise in interest whenever it comes down to betting on the 2016 election season.
A look that is quick Oddschecker, a web page that compares betting chances at numerous different sportsbooks across the Internet, shows how many different companies are providing bets on both the eventual winner of the presidential race and both the Democratic and Republican nominees. It’s a market that is sure to own just as much twists and turns as the races by themselves, with the odds already shifting significantly in just the last months that are few.
Bush, Clinton Pegged as Betting Favorites
On the side that is republican for instance, former Florida Governor Jeb Bush came in once the favorite to win the nomination, with Wisconsin Governor Scott Walker and Florida Senator Marco Rubio additionally seen as likely picks. But that trio was joined with a fourth top-tier candidate: larger-than-life personality Donald Trump, whom is beginning to be viewed as a genuine contender, at least in the eyes of several bettors.
At most sports websites that are betting Bush is still the favorite, provided by chances of about 6-4. But Trump is frequently listed because the choice that is second 7-2 chances, while Rubio and Walker come in at around 6-1 each.
On the Democratic side, 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’s gotn’t even declared for the race at the time of yet, is listed at 5-1 by many websites.
UK wagers on the Colonies and Trump
Great britain in particular has taken a strong interest in the 2016 presidential race. According to Matthew Shaddick, mind of political odds for Ladbrokes, it’s change for the slice of their company that always was not taken really seriously.
‘In yesteryear, political bets had been largely loss leaders for gambling companies, and they were primarily beneficial to drumming up a bit of publicity,’ Shaddick told USA Today. ‘ Now it is being taken by us more really, and we anticipate 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 has the betting in other countries. Based on a spokesperson for Paddy Power, more than half of the bets they have taken thus far have actually are available in the business magnate and reality television star.
Just because Americans generally can’t bet on the election doesn’t mean they aren’t participating within the gambling in some means, though. The Iowa Electronic Markets give Americans a legal method to bet in the result through futures contracts, and a website called PredictIt, operated by Victoria University in New Zealand, delivers a similar service.
Meanwhile, some lawmakers in Nevada state that sportsbooks into 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 likely to ruin our reputation. This really is Nevada. The type of reputation are you talking about?’