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Mississippi Casino Revenue Drops Thirty Percent Due To Flooding

Mississippi casinos have had to deal with many factors over the years for why their casino revenue has dropped. Hurricane Katrina and the economic recession were two of the major factors associated with a revenue drop in recent years, but in May, it was Mother Nature that caused a decrease.

In May, Mississippi casinos had a revenue decline of 32.4%. That drop was largely due to the flooding that caused riverboat casinos to see a drop in winnings of over fifty percent. In May of 2010, revenue at riverfront casinos was $107.8 million. This May, revenue dropped to $41 million.

Casinos in Mississippi spent a large portion of the month closed. The flooding had reached a point where it became a national disaster, and the casinos were only one of many industries that were affected by the floods along the Mississippi River.

Even the casinos that were not affected by the flooding had revenue drop. The eleven casinos not affected, had revenue of $96.2 million. The total revenue at state casinos was $137.2 million, down from the $203.1 million in the same period in 2010. The closures due to the flooding is said to have caused a loss of almost $8 million in gaming taxes.

The casino industry in general in the US is still attempting to rebound from the economic recession. For the first time in history, the economic state of the country affected the gaming industry. It had been a widespread theory that casinos were immune to the economic climate in the US, but that theory was proved grossly overstated during the recession.

Las Vegas and Atlantic City, the two largest gaming destinations in the world, not only experienced revenue declines during the recession, but they have not responded well since the end of the recession. Competition has grown fierce from other states, leaving both Nevada and New Jersey lawmakers turning to online gambling as a possible way to stay ahead of the curve in the gaming industry.

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