Katrina effect on Mississippi casinos
One of the most painful economic effects of hurricane Katrina is the ruin of the coast casinos. When the state of Mississippi decided to legalize casino gambling it was under the condition that the casinos will be located dockside, along with other tourist attractions and amusement parks. The result of this regulation is that the ownership of casino is a gamble to, a gamble against nature. The devastating results of the recent hurricane have paralyzed this multi-billion industry in a blink of an eye. Many successful casinos now stand empty and in need of extensive and long repair work. It gets even more complicated in the face of the resurfacing debate over legalized gambling. Many casino owners also claim that it will be absurd to rebuild the luxurious casinos in area that is prone to nature disasters of this type.
Meanwhile, every day costs the state treasury half a million dollars in revenues taxes. Last year alone the gambling industry has produced more than 2.7 billion in tax money. In addition the gambling industry provides several thousands of work places. Many casino employees don't know when, or even if, they'll have their job back. MGM Mirage has guaranteed to rehire all their employees as soon as they'll finish with the restoration of their casino resort. In addition they have also guaranteed the workers that they will be paid for the next 90 days.
Nicholas Carter, Editor
September 20, 2005
