Mississippi
Governor Optimistic About Gaming Industry
As reported by Reuters: "Mississippi
Governor Haley Barbour on Thursday said preparations
for Hurricane Katrina were as good as they could
have been, waving off doubts raised by a video
showing U.S. President George W. Bush being
warned of the severity of the storm the day
before it hit.
"Barbour
also forecast a revival of Mississippi's $2.5
billion a year gambling industry, which was
devastated when Katrina smashed into the Gulf
Coast in August, forecasting that his state
would one day overtake New Jersey as the nation's
second-biggest casino market behind Nevada.
"…The
state is hoping that casino operators Harrah's
Entertainment Inc., MGM Mirage Inc., Isle of
Capri Casinos Inc., Penn National Gaming Inc.
and others will reinvest in the state and build
new hotels and casinos.
"Companies
can take advantage of billions of dollars worth
of tax breaks and private-activity municipal
bonds in the federally declared Gulf Opportunity
Zone to help build new facilities.
"A
recent Mississippi state law change also now
allows casinos to be situated on land up to
800 feet from the waterside. Previously, they
had to be located on water in floating barges.
"…Mississippi's
coast is the third largest gambling market in
the United States after Nevada's Las Vegas and
New Jersey's Atlantic City. Casino revenue in
the state was $2.47 billion in 2005, down from
$2.77 billion in 2004, because of the destruction
brought by Katrina…"
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