Monday, July 03, 2006
Casinos thank Katrina
Here's one of those "who would of thunk it?" outcomes.
Many people's pain has led to the casino's gain...
Many people's pain has led to the casino's gain...
At Forbes.com, Alan Sayre tells us about it:
"Flocks of gamblers have provided a revenue boost for Louisiana, which faced dire predictions of deep cuts in spending after the storms. Through the first 11 months of the current fiscal year, the state's take was $473.8 million, up sharply from $413.9 million a year ago.
That's despite the closure of three casinos since Katrina and Rita, and the exodus of many south Louisiana residents.
'The people who have come here to rebuild the city have a lot of money in their pockets and not a whole lot of entertainment options,' said industry analyst Nick Danna of Stern, Agee & Leach in New Orleans.
In May, gamblers left behind $220.2 million at the state's 16 casinos, a big jump from $199.5 million in May 2005. In April, gamblers lost $213.9 million, compared with $189.4 million lost in April 2005. The month before, casinos pulled in $239.1 million, compared with $198.6 million the previous March.
Most of the increase has been centered in New Orleans and Baton Rouge, which both saw big population shifts because of Katrina, and in Lake Charles, where an influx of workers repairing Rita damage has joined regular throngs from nearby Texas."
