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September 6, 2005

Katrina: Mississippi's Gulf Coast - A Comprehensive Report

Topics: Natural Disasters

Dan Riehl has a comprehensive report on Katrina and Mississippi's gulf coast, furnished in comments by a reader and edited, in which you read: "The material world in which we lived has been utterly and completely destroyed; only the earth remains."

However, looking on the hope side of the equation, gambling is a large economic resource of Mississippi's gulf coast and we're learning that the gambling industry may be down but not out.

Rebuilding the Gulf Coast will be slow and take years, but Hurricane Katrina's gambling and tourism victims for the most part will survive and probably thrive again.

Deutsche Bank gambling analyst Andrew Zarnett reported one early estimate from Harrah's that indicated that the company's uninsured losses might represent no more than one-half of 1 percent of its annual cash flow. Penn National Gaming, which sustained "severe damage" to two facilities in Mississippi, likewise calmed investors last week with the disclosure of its $400 million worth of property damage and business interruption insurance.

Of course it might be a very good idea to urge "Mississippi lawmakers to repeal laws -- similar to Missouri's -- that require casinos be located along sometimes-lethal waterways," as mentioned in the article.

Meanwhile, on the New Orleans front - a city in which pre-Katrina crime rates had soared to ten times the national average, as evidenced by what we saw in Katrina's aftermath, I'm not so optimistic. However, A Small Victory is "looking for good news from new orleans" and has found some hopefull things to write about.

Related: Flood Waters Recede in New Orleans

Posted by Richard at September 6, 2005 6:54 AM

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