Hurricane Katrina dealt a hand that is bad gambling enterprises in Biloxi while the rest of this Gulf Coast, but those organizations have played a major part in getting the entire region back on its foot now.
Hurricane Katrina battered the Gulf Coast 10 years ago, as well as for obvious reasons, most of the discussion about the storm, its aftermath, and its impact on the area has been in the really real human being tales that impacted those in New Orleans, Mississippi, and beyond.
But there is another story that is equally real learn, certainly one of the gaming industry that was impacted dramatically by Katrina, only to not only rebound it self, but also help those in need of assistance during and following the storm.
Gambling played a significant economic part soon after Hurricane Katrina, and it did a lot more quickly than might have been expected provided the circumstances.
After the harm caused to many casinos in Biloxi, Gulfport, and elsewhere, local officials weren’t even sure they could be able to convince gaming that is major to keep coming back to the spot, considering the high costs of rebuilding or fixing their operations.
Casinos Return to get Success
But eventually, those operators and their casinos did keep coming 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 would definitely give up on.’
Aided by changes in Mississippi legislation that permitted casinos to be built slightly offshore to better protect themselves against future storms, the operators decided to reconstruct. Now, 11 gambling enterprises are in operation in Biloxi, Gulfport, and Bay St. Louis, just two less than prior to the storm.
The casinos aren’t exactly just like they certainly were before Katrina, nonetheless. Many are smaller, and the Gulf Coast casinos now employ only a little more than half as they did a ten years earlier. But there is however no doubt why these organizations have provided enormous benefits that are economic the region that few other companies were in a position to do.
Based on 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 again to gaming might seem surprising to some. But according to gambling addiction specialist Deborah Smith, it was almost predictable.
‘Anytime there exists a disaster that is natural individuals are going to experience PTSD,’ Smith told ESPN.com. ‘They feel terrible, plus they want to feel better. Gambling actually helps them feel better for the brief moment.’
Of course, a number of these social people may have gambled a lot more than they need in the wake of such a disaster. Perhaps Not interestingly, both Louisiana and Mississippi saw surges in calls to a national problem gambling hotline following disaster, though that trend leveled down after a few years.
The general success of the gaming industry is not a fairy tale pleased ending for the region, though. Katrina certainly left a mark that is still being felt today, with many lost lives or livelihoods, especially in New Orleans, and even more particularly in the town’s African-American community, which in many 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 would have been a major negative, as it would cut down the company from Cellphone 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 which hasn’t landed yet, much to everybody’s relief. But it nevertheless could into the not-too-distant future, and the impact of nearby gambling may be just as hard to combat within the region as any Cat 5 storm.
Macau Gambling Revenues Keep Sharp Decline
Macau casinos are hoping to make more income through non-gaming activities, but some doubt whether or not the Las Vegas model will work there. (Image: BBC)
Macau had been allowed to be recovering from its casino struggles at this point, with all the Chinese territory now more than a 12 months into declines triggered 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 fell by another 35.5 % in August to mark the 15th straight month of decline for Macau’s casino industry.
Revenues for the month fell to 18.6 billion patacas ($2.3 billion), nevertheless a figure that produces Macau the gambling center that is largest in the globe.
However, this is a cry that is far the kinds 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 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 of a 38 percent fall.
But that may come because little comfort to casino operators, that has hopes that newly opened resorts in the city would offer a boost to tourism.
But while those projects, such as 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 motorist of business in Macau, had been 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 Activate
The decline that is continued gotten to the point where Macau’s government can no longer ignore their impact. About 80 percent of this 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 announced on Tuesday, though they have been modest, at minimum for now.
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 and some third-party services.
The future isn’t looking particularly promising for Macau’s casinos, either. The current devaluation associated with yuan that is chinese 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 those issues have actually led to renewed calls for Macau to diversify its offerings, with both mainland Chinese authorities and government that is local stress on the industry to get new techniques to derive revenue.
The theory would be to find a means for Macau to emulate a model more like that of Las 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 features a long distance to go for the reason that respect. At the brief minute, casino operators make not as much as 10 percent of all 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, one or more executive with a good amount of experience in Asian gaming markets claims it shall never change significantly.
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 trying to put bets on the 2016 US presidential election. (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 can 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 is pretty intense this summer time, even with initial primaries still months off.
However it’s not only Americans interested into the rise and fall of varied candidates, 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 quick look at Oddschecker, a web site that compares betting odds at numerous various sportsbooks across the web, shows how many various companies are offering bets on both the ultimate champion of the presidential competition and both the Democratic and Republican nominees. It is a market that’s certain to possess just as many twists and turns as the races on their own, with chances already moving significantly in simply days gone by 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 whilst the favorite to win the nomination, with Wisconsin Governor Scott Walker and Florida Senator Marco Rubio also seen as 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 the very least in the eyes of many bettors.
At most sports gambling websites, Bush remains the favorite, offered at chances of about 6-4. But Trump is normally listed once the choice that is second 7-2 odds, while Rubio and Walker are available in at around 6-1 each.
On the Democratic side, previous Secretary of State Hillary Clinton is nevertheless an overwhelming favorite, but at the very least two other candidates are now being given 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 also declared for the race as of yet, is listed at 5-1 by many websites.
British Bets on the Colonies and Trump
Great britain in particular has taken a strong curiosity about the 2016 presidential race. In accordance with Matthew Shaddick, mind of political odds for Ladbrokes, it is modification for a slice of their company that always was not taken very really.
‘In yesteryear, political bets were largely loss leaders for betting companies, and they had been primarily beneficial to drumming up a bit of publicity,’ Shaddick told USA Today. ‘ Now our company is using it more really, and we expect the amounts will increase dramatically the closer we reach election time.’
Just 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 associated with bets they have taken thus far have can be found in on the continuing business magnate and reality tv star.
Simply because Americans generally can’t bet on the election doesn’t mean they aren’t taking part in the gambling in some ways, though. The Iowa Electronic Markets give People in the us a legal way to bet regarding the result through futures contracts, and a niche site called PredictIt, operated by Victoria University in New Zealand, delivers a similar solution.
Meanwhile, some lawmakers in Nevada say that sportsbooks in the Silver State should be able to take bets on elections just as they do on a variety of sporting events.
‘Why not bet in Nevada and also make 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 is Nevada. What type of reputation are you discussing?’