The Gulf Coast region, which was known for it’s gambling prowess before Hurricane Katrina, is again flexing its muscle in the casino gambling industry.
The July numbers are in and coastal casinos saw their numbers rise to 74.4 million in gross gambling revenue. That is an increase of 15 percent, or 9.8 million over their June numbers.
Coming off a July last year in which Coastal casinos had their worst numbers in 7 years, mainly due to a threat of hurricane Dennis, the increase in numbers is welcomed news in the area.
Anthony Sanfilippo, the operations president for the central United States of Harrah’s Entertainment said, “That’s a great statement about what’s happening in this market.”
Indeed it is, for a market looking to rebound from the devastating affects of Hurricane Katrina. The casinos of the Gulf Coast were one of the biggest tourist attractions for the region before the hurricane, and the recent number surge shows that once again the coast could become a gambling mecca.
The numbers should almost certainly grow in August after Thursday’s reopening of Grand Casino Biloxi as well as the Beau Rivage later in July. The September numbers should be where the full affects of those to casinos should be felt.
Seminole Tribe of Florida Suing Hard Rock Casino Developer
The Seminole Indian Tribe of Florida is trying to break an existing contract with a casino development company by accusing the developer of overcharging them millions of dollars.
Power Plant, the casino development group within the Cordish Company of Baltimore, is threatening to countersue the indian tribe for dishonest dealings.
The indian tribe says Power Plant is getting too many unnecessary royalties. Last year, the Seminoles indian tribe made $500 million in profit from its Hard Rock Hotel & Casino operations in Hollywood and Tampa, Florida.
The Seminoles pay Power Plant about $180 million annually for initially developing the project, and will pay about $2.2 billion during the life of the 10-year contract. They said Power Plant provides no services and want the company to return the $362 million it already received.