Hurricane Katrina dealt a bad hand to casinos in Biloxi therefore the remainder for the Gulf Coast, but those businesses have played a major part in getting the complete region straight back on its legs now.
Hurricane Katrina battered the Gulf Coast a decade ago, as well as for apparent reasons, most regarding the discussion about the storm, its aftermath, and its particular impact on the region has been on the really real human being stories that impacted those in brand New Orleans, Mississippi, and past.
But there is another equally real story to be told, certainly one of the gaming industry that was impacted dramatically by Katrina, only to not just rebound it self, but also help those in need during and after the storm.
Gambling played an important role that is economic after Hurricane Katrina, and it did a lot more quickly than might have been expected given the circumstances.
After the harm caused to many casinos in Biloxi, Gulfport, and elsewhere, local officials had beenn’t even sure they would be able to convince major video gaming operators to come back to the region, considering the high costs of rebuilding or restoring their operations.
Casinos Return to get Triumph
But sooner or later, those operators and their casinos did come 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 was going to give up on.’
Aided by modifications in Mississippi law that permitted 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 prior to the storm.
The gambling enterprises are not exactly the same as they were before Katrina, nonetheless. Many are smaller, and the Gulf Coast casinos now employ just only a little more than half as they did a decade early in the day. But there is no doubt why these organizations have provided enormous economic benefits to the location that few other companies were able to do.
According to 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 in to video gaming may seem astonishing to some. But in accordance with gambling addiction specialist Deborah Smith, it was almost predictable.
‘Anytime there’s a disaster that is natural people are likely to experience PTSD,’ Smith told ESPN.com. ‘They feel terrible, plus they want to feel a lot better. Gambling actually assists them feel better for the brief moment.’
Of course, a majority of these people might have gambled a lot more than they needs to have in the wake of these a disaster. Maybe Not interestingly, both Louisiana and Mississippi saw surges in calls to a problem that is national hotline following disaster, though that trend leveled off after having a few years.
The relative success of the gaming industry is not a tale that is fairy ending for the location, though. Katrina certainly left a mark that continues to be being experienced today, with many lost lives or livelihoods, particularly in New Orleans, and more particularly in the town’s African-American community, which in lots of 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 could be a major negative, since it would cut off the business from mobile phone and the Florida Panhandle,’ wrote video gaming analyst Alex Bumazhny of Fitch Ratings provider earlier this year.
For now, that’s one hurricane which includesn’t landed yet, much to everyone’s relief. But it nevertheless could within the future that is not-too-distant plus the impact of nearby gambling may 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 more money through non-gaming activities, but some doubt if the Las Vegas model shall work here. (Image: BBC)
Macau ended up being allowed to be recovering from its casino battles chances are, with all the territory that is chinese more than a 12 months into decreases triggered by an anti-corruption drive in Beijing and other factors.
But there seems to be no improvement in shop for the gambling hub anytime soon, as gross gaming revenue dropped by another 35.5 % in August to mark the 15th straight month of decrease for Macau’s casino industry.
Revenues for the month dropped to 18.6 billion patacas ($2.3 billion), nevertheless a figure that makes Macau the gambling center that is largest in the globe.
However, it is a far cry from 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 ended up being anticipated to be even worse in some circles, by having a study of analysts by Bloomberg finding they expected about a 38 percent fall.
But which will come since little comfort to casino operators, who had hopes that newly opened resorts in the city would provide a boost to tourism.
But while those projects, like the latest phase of expansion by Galaxy Entertainment, opened in May, they have inked nothing to improve revenue in the city.
Travel from China, that is the biggest driver of business in Macau, ended up being actually down yet again 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 much longer ignore their effect. About 80 percent for the regional budget that is governmental from gambling taxes, meaning that the sharp falloff was eventually going to require some cutbacks.
Those austerity measures had been finally established on Tuesday, though they’ve been modest, at minimum for now.
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 plus some third-party services.
The long run isn’t searching particularly promising for Macau’s casinos, either. The current devaluation for the yuan that is chinese trouble into the Chinese stock market could continue to hurt profits at gambling enterprises 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 government that is local strain on the industry to locate brand new techniques to derive revenue.
The concept is find a way for Macau to emulate a model more like compared to vegas, where non-gaming activities would be the source that is biggest of revenue, or at minimum an important contributor to the bottom line.
The problem is Macau has a way that is long go for the reason that regard. At the brief moment, casino operators make lower than 10 percent of most 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, at least one executive with a great amount of experience in Asian video gaming markets claims it shall 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 britain looking to place bets on the 2016 US presidential election. (Image: Christopher Gregory/Getty)
The current US presidential campaign is anything but boring, that’s without a doubt. And you can bet it continues to unfold within an interesting way. Well, you can bet anywhere except in its nation of origin, that is.
The battle for president of this united states of america won’t be decided 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.
Nonetheless it’s not just Americans interested in the rise more chilli slot purple monster and fall of varied candidates, as bookmakers in many countries that are overseas also seeing a surge in interest whenever it comes to betting on the 2016 election season.
A look that is quick Oddschecker, a website that compares betting chances at numerous various sportsbooks across the online world, shows exactly how many different companies are offering bets on both the eventual winner of the presidential competition and both the Democratic and Republican nominees. It’s a market that’s certain to have just as numerous twists and turns as the races themselves, with chances already shifting significantly in simply the past couple of months.
Bush, Clinton Pegged as Betting Favorites
On the side that is republican for instance, former Florida Governor Jeb Bush came in while the favorite to win the nomination, with Wisconsin Governor Scott Walker and Florida Senator Marco Rubio also seen as likely picks. But that trio has been joined by a fourth top-tier candidate: larger-than-life personality Donald Trump, whom is beginning to be observed as a real contender, at the least in the eyes of many bettors.
At most sports websites that are betting Bush continues to be the favorite, offered at odds of about 6-4. But Trump can be listed while the 2nd choice at 7-2 odds, while Rubio and Walker appear 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 the least two other candidates are now being offered a fighting chance by oddsmakers. Vermont Senator Bernie Sanders is pegged as a 6-1 choice at numerous sportsbooks, while Vice President Joe Biden, who hasn’t also announced for the race at the time of yet, is listed at 5-1 by many websites.
British wagers on the Colonies and Trump
The UK in particular has taken a strong desire for the 2016 presidential race. Based on Matthew Shaddick, mind of political odds for Ladbrokes, it is change for a slice of these business that always wasn’t taken very really.
‘In the last, political bets were largely loss leaders for wagering companies, and they had been primarily advantageous to drumming up a bit of publicity,’ Shaddick told USA Today. ‘ Now we are using it more seriously, and we expect the quantities will increase dramatically the closer we get to election time.’
Simply as coverage of the election so far has focused greatly on Trump’s campaign, so has the betting in other countries. According to a spokesperson for Paddy Power, more than half of this bets they have taken thus far have are available in regarding the business magnate and reality television celebrity.
Simply because Americans generally can’t bet on the election doesn’t mean that they aren’t engaging in the gambling in some methods, though. The Iowa Electronic Markets give Americans a legal method to bet on the outcome through futures contracts, and a 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 find a way to take bets on elections simply as they do for a variety of sports.
‘Why maybe not bet in Nevada making some money on it?’ State Senator Richard Segerblom (D-Las Vegas) told the Boston Globe. ‘People say it’s going to ruin our reputation. This might be Nevada. What kind of reputation are you discussing?’