Insurance coverage for coastal casinos, whose claim payments after Hurricane Katrina are helping them stage resurgence, will be high priced and hard to come by, according to a broker.
In a report issued by Standard & Poor's today, the New York-based rating service said the casino industry is poised for a strong comeback in Mississippi, with most of the state's casinos readying to reopen by the end of this year and more gaming interests looking to take root in the state.
The state's gaming industry was centered in Biloxi, with two casinos in Gulfport and one in Bay St. Louis, employing 16,000 workers. S&P said there are only three casinos in operation today, employing 4,600 people but generating 55 percent of revenues the 12 did before Katrina. The industry generated $1.2 billion in gaming revenue before the hurricane.
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