Biloxi GO Zone Casinos Rake in the Profits
June 16, 2008
There is a silent growth taking place in the casino industry along the Gulf Coast. Revenues are higher than before the hurricanes, stimulated by construction and relief workers who throng the casinos for entertainment. The lack of bars, movie theaters, clubs and malls which remain closed have also contributed to this spurt in revenues. This growth in the casino industry has hundreds of workers migrating into Biloxi to help keep the wheels running.
Katrina managed to destroy or severely damage 13 casinos along the coast of Mississippi. Of these, 11 have reopened and new ones are expected to sprout in the next 10 years, because of a new law that allows casinos to be built 800 feet ashore. Before Katrina, casinos were restricted to barges, which meant that the size of the casino was always limited.
In New Orleans, only 60% of the population has returned post-Katrina, but you would never believe it if you entered the casinos here. Business is brisk, and record revenues are expected this year. There are also a number of riverboat casinos which are seeing high profits because of the lack of other entertainment options. Approximately half of the business at the casinos comes from outside. As more casinos open up, they are expected to draw people from New Orleans, which is just a 90-minute drive from the casino stretch, which extends from Biloxi to Gulfport.
The new law that allows casinos to be built on shore will provide stiff competition to casinos in Louisiana where casinos are not allowed on land. With more customers leaving Louisiana for Mississippi’s casino strip, this length of coast is expected to topple Atlantic City as the second largest gaming market in the US.
Casino Growth and Biloxi
In Biloxi, almost every casino has either expanded or upgraded its facilities. There were celebrity partnership and promotions, and the casinos worked together to bring life back to the Coast. They have been rewarded with record profits.
Harrah’s Entertainment and entertainer Jimmy Buffet are collaborating on a new casino resort called Margaritaville. There are other casinos lined up for construction including the Bay View Casino Resort located next to Boom Town on the Back Bay. The casinos used the destruction caused by Katrina as a stepping ground to build world class facilities that include gourmet restaurants, fines spas and golf courses. These innovations, combined with completely updated interiors created spectacular casinos that attracted the attention of the national press. Major stars came to town, and this enhanced the attractiveness of this casino strip.
D’Iberville
In D’Iberville, casinos are boosting property values, and new casinos are coming up on the north side of the Bay. Harrah’s is buying property here, and the West D’Iberville Casino is also being developed.
Gulfport
Emeril’s Gulf Coast Fish House was opened as part of the second phase of Island View Casino. Phase 3 is coming up in Gulfport, south of US 90, and plans include a hotel, increased parking space and other kinds of developments. Isle of Capri has plans to expand to western Harrison County with the Pine Hills Casino.
Hancock County
The two casinos in Hancock County helped it stage an economic comeback. The Silver Slipper Casino now includes plans for a hotel and convention facilities, and also has an RV park. Property owners here are holding on to their lots instead of selling them, with a view to further investment in casinos in the Mississippi coast.
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