Mississippi´s Floating Casinos Heavily Damaged by Katrina
Mississippi´s floating casinos were left in ruins after Hurricane Katrina´s rampage. The assessment was incomplete Tuesday, but Webster Franklin, CEO of the Tunica, Miss., Convention and Visitors Bureau, said all are likely to be heavily damaged or destroyed.
On Sunday, The Mississippi Gaming Commission shut down all 12 casinos operating on the Gulf Coast before Katrina hit.
Harrah´s Entertainment CEO Gary Loveman told Bloomberg News that its riverboat Grand Casino in Biloxi, Miss., is likely "a complete loss" after it separated from its moorings. The casino was "literally taken across the street and plopped down about a block or so away from where it normally sits," he said.
Harrah´s Grand Casino in Gulfport was also "severely" damaged, he said. In a statement, MGM Mirage said its Beau Rivage casino in Biloxi sustained "significant damage."
Video footage has shown a number of riverboat casinos sitting on roadways and Interstate highways. State law prohibits developing land-based casinos.
The state´s 30 casinos generated about $2.8 billion in revenue and accounted for $330 million of the state and local governments´ tax revenues, according to the American Gaming Association.
The region is the nation´s third-largest casino market, after Las Vegas and Atlantic City. The industry employs about 29,000 in the state. Casinos on the Gulf Coast employ about 14,000 people, according to the Mississippi Gaming Commission.
Casinos in Louisiana suffered less damage. But five casinos in the New Orleans area, including Harrah´s New Orleans, remain closed, says Wade Duty, executive director of Casino Association of Louisiana.
