Casinos Flush With Cash in Mississippi
Mississippi's post-Hurricane Katrina decision to allow casinos to rebuild on beachfront is bringing back the gambling business stronger than expected.
The August hurricane destroyed all 12 floating casinos on the Mississippi Gulf Coast. Wagering at the three casinos that have reopened was running about $20 million a month on average at the start of this year, about double the pre-hurricane rate. Seven more casinos are scheduled to reopen in the next six months.
Two closed permanently. Hard Rock Cafe, which was preparing to launch when the hurricane hit, hasn't said when it will open. "They're coming back faster than I'd ever thought," says Larry Gregory, executive director of the Mississippi Gaming Commission. He estimates the amount wagered in the region could hit $1. 6 billion next year, a 30% increase from the pre-Katrina base.
Patronage of casinos has been boosted by outside workers helping to rebuild the area. The Gulf Coast had been the third-largest casino market in the USA after Las Vegas and Atlantic City. In October, state lawmakers decided to allow casinos on land within 800 feet of the shoreline.
Previously, Mississippi allowed only floating casinos. The change has helped accelerate reopenings because gaming operations can now be placed temporarily in lobbies and convention halls.
May 7, 2006
Posted By Susan Torres
Staff Editor, CasinoGamblingWeb.com
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