Hurricane Katrina :: Economic Impact
Hurricane Katrina has already had significant economic effects, which are expected to continue. Here is more about the Economy variables.
Gambling Industry
Katrina forced casinos along the Mississippi Gulf Coast to close and evacuate. The Hard Rock Hotel & Casino was scheduled to open the first week of September, but will be closed indefinitely due to structural damage. The Beau Rivage was severely damaged by water that reached the third floor, but seems to have suffered the least damage of the beachfront casinos. Grand Casino Biloxi had its mammoth gaming barge blown across U.S. 90. Treasure Bay's pirate ship was washed ashore.
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The President Casino was washed across U.S. 90 and landed on top of a Holiday Inn, nearly a mile (2 km) from the casino's berth. In Gulfport, The western Grand Casino Gulfport barge, containing Kid's Quest, washed across U.S. 90 and was left blocking the highway. The Copa Casino barge was pushed onto land next to the Grand Casino Gulfport's parking garage [15]. Casino Magic and Isle of Capri in Biloxi both suffered heavy damage to their gaming barges, likely beyond repair. Damage to the Palace Casino, Imperial Palace and Boomtown Casino on the Back Bay are yet unknown, as crews haven't been able to reach them. At least 14,000 people are employed at Gulf Coast casinos.
Harrah's New Orleans, Grand Casino Biloxi, and Grand Casino Gulfport are closed indefinitely.
Police officers were reported, by Superintendant Eddie Compass, to be "urinating and defecating" in the basement of Harrah's New Orleans.
Mississippi will lose about US$500,000 in tax revenue for each day that the Biloxi-area casinos are closed, and about $140,000 per day for the South River region casinos. As a comparison, in 2004, Mississippi earned $2.7 billion in casino revenues, third behind Nevada and New Jersey ($10.3 billion and $4.8 billion, respectively).
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