Hurricane Katrina dealt a hand that is bad gambling enterprises in Biloxi while the remainder of the Gulf Coast, but those businesses have played a major role in getting the complete region straight back on its legs now.
Hurricane Katrina battered the Gulf Coast ten years ago, as well as for apparent reasons, most for the discussion about the storm, its aftermath, and its own impact on the area has been regarding the very real peoples tales that impacted those in brand New Orleans, Mississippi, and past.
But there is another equally real story to be told, one of the gaming industry that 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 harm caused to many casinos in Biloxi, Gulfport, and elsewhere, local officials had beenn’t even sure they is 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 Find Triumph
But fundamentally, those operators and their casinos did keep coming back.
‘I do not think anyone ever thought about perhaps 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 is a place no one was going to give up on.’
Aided by changes in Mississippi law that allowed casinos to slightly be built offshore to better protect themselves against future storms, the operators decided to reconstruct. Now, 11 gambling enterprises are in procedure in Biloxi, Gulfport, and Bay St. Louis, just two less than prior to the storm.
The gambling enterprises aren’t exactly the same as these people were before Katrina, however. Most are smaller, and the Gulf Coast casinos now use only somewhat more than half as a decade was done by them earlier. But there is no doubt that these companies have provided enormous benefits that are economic 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 was that, in the full years rigtht after the hurricane, video poker revenues spiked in New Orleans and throughout Louisiana.
Stress May Have Driven Surge in Local Gambling
The drive back again to video gaming may seem astonishing to some. But based on gambling addiction specialist Deborah Smith, it was nearly predictable.
‘Anytime there’s a natural tragedy, individuals are going to experience PTSD,’ Smith told ESPN.com. ‘They feel terrible, and additionally they want to feel better. Gambling actually assists them feel better for the brief moment.’
Needless to say, many of these people might have gambled significantly more than they must have in the wake of such a tragedy. Not interestingly, both Louisiana and Mississippi saw surges in calls to a problem that is national hotline after the disaster, though that trend leveled off after a couple of years.
The general success of the gaming industry is not a fairy tale happy ending for the region, though. Katrina certainly left a mark that continues to be being experienced today, with many lost lives or livelihoods, particularly in New Orleans, and a lot more particularly in the city’s African-American community, which in many ways is still rebuilding a good decade later.
But the 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, since it would cut down the business from Cellphone and the Florida Panhandle,’ wrote video gaming analyst Alex Bumazhny of Fitch Ratings provider earlier in the day this year.
For the present time, that’s one hurricane that hasn’t landed yet, much to everybody’s relief. But it nevertheless could within the future that is not-too-distant and the impact of nearby gambling may be in the same way hard to combat into the region as any Cat 5 storm.
Macau Gambling Revenues Keep Sharp Decline
Macau casinos are hoping to make more income through non-gaming tasks, but some doubt whether the Las Vegas model shall work here. (Image: BBC)
Macau had been allowed to be recovering from its casino struggles chances are, with the territory that is chinese more than a year into declines induced by an anti-corruption drive in Beijing and other factors.
But there seems to be no change 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 right month of decline for Macau’s casino industry.
Revenues for the month fell to 18.6 billion patacas ($2.3 billion), still a figure that produces Macau the gambling center that is largest in the globe.
However, it is a cry that is far 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 was anticipated to be even worse in some circles, having a survey of analysts by Bloomberg finding they expected of a 38 percent fall.
But which will come because 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, including the phase that is latest of expansion by Galaxy Entertainment, opened in May, they did absolutely nothing to improve revenue in the city.
Travel from China, which is the biggest motorist of business in Macau, was actually down yet again this summer, with July’s tourism figures showing a six percent decline compared to the year before.
Decline Causes Austerity Measures to Activate
The decline that is continued gotten to the point where Macau’s government can no much longer ignore their effect. About 80 % of the neighborhood governmental budget comes from gambling taxes, meaning that the sharp falloff was eventually going to require some cutbacks.
Those austerity measures were finally established on though they have been modest, at least for now tuesday.
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 plus some third-party solutions.
The long term isn’t searching particularly promising for Macau’s casinos, either. The current devaluation of the yuan that is chinese trouble into the Chinese stock market could continue to hurt revenues at gambling enterprises there, specially 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 government that is local strain on the industry to get brand new techniques to derive revenue.
The concept is find a means for Macau to emulate a model more like compared to vegas, where non-gaming activities will be the biggest source of revenue, or at least an important contributor to the bottom line.
The problem is the fact that Macau includes a long way to go for the reason that regard. At the minute, casino operators make significantly less than 10 % of most revenues from non-gaming sources, compared to a lot more than 60 percent in Las Vegas.
Even though Macau might be able to improve in this regard, a minumum of one executive with an abundance 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 UK looking to place wagers 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 may bet it continues to unfold in an interesting way. Well, you’ll bet anywhere except in its nation of origin, that is.
The battle for president for the United States 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.
But it’s not just Americans interested in the rise and fall of numerous candidates, as bookmakers in many countries that are overseas also seeing a rise in interest when it comes down to betting on the 2016 election season.
A look that is quick Oddschecker, a web site that compares betting odds at numerous different sportsbooks across the Internet, shows exactly how many different companies are providing bets on both the eventual champion of the presidential battle and both the Democratic and Republican nominees. It’s a market that is sure to possess just as numerous twists and turns as the events on their own, with chances already moving significantly in simply days gone by couple of months.
Bush, Clinton Pegged as Betting Favorites
On the side that is republican for instance, previous Florida Governor Jeb Bush came in whilst the favorite to win the nomination, with Wisconsin Governor Scott Walker and Florida Senator Marco Rubio additionally seen as likely picks. But that trio has been joined by a fourth candidate that is top-tier larger-than-life personality Donald Trump, whom is beginning to be observed as a real contender, at the least in the eyes of several bettors.
At most sports gambling websites, Bush remains the favourite, offered at chances of about 6-4. But Trump is frequently listed while the choice that is second 7-2 chances, while Rubio and Walker are available in at around 6-1 each.
On the Democratic side, former Secretary of State Hillary Clinton is nevertheless 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 many sportsbooks, while Vice President Joe Biden, who’sn’t even declared for the race as of yet, is listed at 5-1 by many websites.
UK wagers on the Colonies and Trump
The UK in particular has taken a strong curiosity about the 2016 presidential race. Based on Matthew Shaddick, head of political odds for Ladbrokes, it is modification for the slice of their company that always wasn’t taken really seriously.
‘In the last, political bets had been largely loss leaders for betting companies, and they were primarily advantageous to drumming up a little of publicity,’ Shaddick told USA Today. ‘ Now it is being taken by us more really, and we anticipate the amounts will increase dramatically the closer we get to election time.’
Just as coverage of the election so far has focused heavily on Trump’s campaign, so gets the betting in other countries. In accordance with a spokesperson for Paddy Power, over fifty percent of the bets they have taken thus far have come in on the business magnate and reality television star.
Just because Americans generally can’t bet on the election does not mean that they aren’t taking part within the gambling in some real ways, though. The Iowa Electronic Markets give Americans an appropriate way to bet in the result through futures contracts, and a niche site called PredictIt, operated by Victoria University in New Zealand, provides a service that is similar.
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 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 likely to ruin our reputation. This will be Nevada. What type of reputation are you speaing frankly about?’