Hurricane Katrina dealt a bad hand to casinos in Biloxi while the rest associated with Gulf Coast, but those companies have played a major role in getting the whole region right back on its feet now.
Hurricane Katrina battered the Gulf Coast 10 years ago, and for obvious reasons, most of the discussion about the storm, its aftermath, and its own impact on the area has been regarding 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 learn, certainly one of the gaming industry that has been impacted dramatically by Katrina, only to not only rebound itself, but also help those in need during and following the storm.
Gambling played a major role that is economic after Hurricane Katrina, and it did a lot 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 gaming operators to return to the spot, considering the high costs of rebuilding or restoring their operations.
Casinos Return to get Success
But sooner or later, those operators and their casinos did keep coming back.
‘I do not think anyone ever thought about maybe not rebuilding,’ Hollywood Casino Gulf Coast and Boomtown Biloxi CFO Wade Howk told the Las vegas, nevada Review-Journal. ‘People took their time deciding what direction to go, but this is a place no one would definitely give up on.’
Aided by changes in Mississippi law that permitted casinos to slightly be built offshore to better protect themselves against future storms, the operators decided to reconstruct. Now, 11 casinos are in procedure in Biloxi, Gulfport, and Bay St. Louis, simply two less than prior to the storm.
The gambling enterprises aren’t exactly just like they were before Katrina, but. Many are smaller, and the Gulf Coast casinos now use only a little over fifty percent as a decade was done by them early in the day. But there is however no doubt why these companies have provided enormous economic benefits to the region 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 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 appear surprising to some. But according to 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 so they want to feel a lot better. Gambling actually assists them feel better for the moment.’
Needless to say, several people may have gambled significantly more than they needs in the wake of such a disaster. Not interestingly, both Louisiana and Mississippi saw surges in calls to a national problem gambling hotline after the disaster, though that trend leveled down after a couple of years.
The general success of the gaming industry is not a fairy tale delighted ending for the location, though. Katrina certainly left a mark that remains 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 many ways is nevertheless rebuilding even a 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 would be a major negative, as it would cut the business off from mobile phone and the Florida Panhandle,’ wrote gaming analyst Alex Bumazhny of Fitch Ratings Service early in the day this year.
For the time being, 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 and also the impact of nearby gambling could be just as hard to combat into 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 perhaps the Las Vegas model shall work here. (Image: BBC)
Macau had been allowed to be recovering from its casino struggles by now, utilizing 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 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 dropped to 18.6 billion patacas ($2.3 billion), nevertheless a figure that produces Macau the gambling center that is largest in the world.
However, this is a far cry from the kinds of numbers seen up through very 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 expected to be even worse in some circles, with a study of analysts by Bloomberg finding they expected in regards to a 38 percent fall.
But which will come since 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 have done absolutely nothing to improve revenue in the city.
Travel from China, which can be the biggest motorist 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 Forces Austerity Measures to Activate
The continued decline has gotten to the level where Macau’s government can no much longer ignore their effect. About 80 per cent 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 were finally established on Tuesday, though they are modest, at minimum for now.
General 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 solutions.
The near future isn’t searching 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 profits at casinos there, specially by reducing the already declining VIP player base that operators long relied on.
Some Doubt Diversification Will Help
All of those concerns have 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 get new ways to derive revenue.
The theory is to find a method for Macau to emulate a model more like compared to Las Vegas, where non-gaming tasks are the source that is biggest of revenue, or at minimum a major contributor to the bottom line.
The problem is that Macau has a long distance to go in that respect. At the moment, casino operators make significantly less than 10 % of most revenues from non-gaming sources, compared to more than 60 percent in Las Vegas.
And even though Macau could possibly improve in this regard, a minumum of one executive with plenty of experience in Asian gaming markets says it will never change significantly.
Betting on US Presidential Campaign Outcome for 2016: Okay Anywhere Except in the usa
GOP candidate Donald Trump has garnered nearly all of the wagering from gamblers in the UK trying to spot wagers regarding the 2016 US presidential election. (Image: Christopher Gregory/Getty)
The current US presidential campaign is anything but boring, that is for sure. And you can bet it will continue to unfold in a interesting way. Well, you can bet anywhere except in its nation of origin, that is.
The race for president associated with United States won’t be decided 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.
However it’s not only Americans interested within the rise and fall of numerous applicants, as bookmakers in many overseas countries are additionally seeing a surge in interest whenever it comes down to betting on the 2016 election season.
A quick look at Oddschecker, a website that compares betting chances at numerous various sportsbooks across the web, shows exactly how many different companies are offering bets on both the eventual winner of the presidential race and both the Democratic and Republican nominees. It is a market that is sure to have just as many twists and turns as the races on their own, with the chances already shifting significantly in simply yesteryear few months.
Bush, Clinton Pegged as Betting Favorites
On the side that is republican for instance, former Florida Governor Jeb Bush came in since the favorite to https://myfreepokies.com/more-chilli-slot-review/ win the nomination, with Wisconsin Governor Scott Walker and Florida Senator Marco Rubio additionally seen as most likely picks. But that trio was joined by way of a fourth top-tier prospect: larger-than-life personality Donald Trump, who is beginning to be seen as a real contender, at least in the eyes of several bettors.
At most sports websites that are betting Bush remains the favorite, offered by odds of about 6-4. But Trump can be listed while the choice that is second 7-2 odds, while Rubio and Walker can be found in 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 two other candidates are now being provided 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’s gotn’t even announced for the race as of yet, is listed at 5-1 by many websites.
British wagers on the Colonies and Trump
Great britain in particular has taken a strong interest in the 2016 presidential race. In accordance with Matthew Shaddick, mind of political odds for Ladbrokes, it is a noticeable change for a slice of these company that usually hasn’t been taken extremely really.
‘In the past, political bets had been largely loss leaders for betting companies, and they had been mainly best for drumming up a little of publicity,’ Shaddick told USA Today. ‘ Now we are using it more really, and we expect the amounts will increase dramatically the closer we arrive at election time.’
Simply as coverage of the election so far has focused greatly on Trump’s campaign, so gets the betting in other countries. In accordance with a spokesperson for Paddy Power, more than half for the wagers they took so far have also come in regarding the continuing business magnate and reality tv star.
Just because Americans generally can’t bet on the election doesn’t mean that they aren’t engaging within the gambling in some means, though. The Iowa Electronic Markets give People in america a legal method to bet on the outcome through futures contracts, and a website called PredictIt, operated by Victoria University in New Zealand, provides a service that is similar.
Meanwhile, some lawmakers in Nevada state that sportsbooks in the Silver State should have the ability to take bets on elections simply as they do for a variety of sporting events.
‘Why not bet in Nevada 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. This really is Nevada. What type of reputation are you speaing frankly about?’