Many Fear Gaming Companies Will Not Rebuild Casinos

Mississippi's Gulf coast was once filled with casinos, tourism, and entertainment. Now it is a flooded area due to Hurricane Katrina, and it will take a very long time to restore the coastal area. Many fear that the Gulf Coast casino industry will suffer immensely from this disaster. However members of the Mississippi Gaming Commission (MGC), are hopeful that this won’t occur, but are not fully confident that gaming companies will want to rebuild their casinos.

All 13 casinos in the area have been closed down, and more than half of these were destroyed totally in the hurricane. If gaming companies do not return and rebuild casinos in Mississippi, thousands of jobs will be lost, along with billions of dollars in gaming revenues and taxes. The main obstacle is trying to obtain authorization to rebuild these casinos on land, instead of on water. If this authorization is not obtained, insurance companies may be reluctant to insure the rebuilt casinos.

The destruction of casinos caused by Hurricane Katrina may make it difficult for casino companies to persuade their shareholders to operate floating casinos along the Gulf Coast or on the Mississippi River.

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