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Gulf Casinos May Need to Rebuild Inland
Mississippi legislators may be inclined to change their gambling laws
after the devastation caused by Hurricane Katrina upon half of the
casinos in the coastal region. The reason being is that current
laws only allow casinos to operate directly on the waterways, which
insurance companies now may be hesitant of backing. In addition,
stock holders of several gaming companies might be reluctant to vote for
any measures to rebuild casinos in the hurricane prone region.
Prior to Katrina, business in Mississippi’s casinos was doing very
well. The fear now is not that business will dramatically subside
at the casinos when they are back up and running. Rather, the fear
is that the casinos which were put out will not make the effort to
rebuild and open their doors again. For one, insurance rates are
bound to spike. Secondly, now that Katrina has shown just how
possible it is for a high-category hurricane to strike the region, the
risk to rebuild may outweigh the potential return.
The Mississippi Gaming Commission is trying to do everything possible
to prevent this from happening, including helping to facilitate the
authorization process of obtaining a casinos license to rebuild on the
mainland. It is clearly apparent the commission understands just
how vital gambling will be in building the Mississippi economy back up.
The hope now is that insurance companies and legislators will understand
this as well, and do everything they can to work together and help the
region to become even better than what it was before.
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