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Economics - Research Paper Example

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ABSTRACT The special analyzation of this paper is on the impact of the hurricane Katrina on the gaming revenues as well as on the taxes of Mississippi. The losses which took place by this hurricane an the magnitude of it, both are determined with ARIMA models…
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Download file to see previous pages This effect of substitution leads to such relocation of the local taxes in between the small regions that gave a negative impact on the state level. The overall recovery time and short falls are shown as in early estimates. This particular research started with analyzation and it ends with a hope that gaming laws shall be modified to save on greater losses. INTRODUCTION 29th August 2005 a third category storm known as Katrina was seen hitting the coast of Mississippi. This hurricane was devastating in nature and destroyed a large area of which included more of residence and business of the coastal area of Mississippi. Katrina is regarded as one amongst the few most devastating natural catastrophes in the history of U.S. This particular natural calamity has been held responsible for 231 fatalities and over $100 billions of damages in Mississippi. This paper focuses on one particular sphere which actually draws the economy of Mississippi which is casino gaming. These casinos are very important because the economy of Mississippi relies on this particular sector. The taxes, which are put on these gaming revenues, add up to more that $330 million to state annually and all the local coffers, which were prior to this place before Katrina. When Katrina roared in ashore most of the casinos in the gulf coast built mostly on the barges were destroyed or heavily damaged. This area had the total infrastructure of this casino games. These buildings were considered as the lifeblood of the place. In this research paper we go in for analyzing the the total amount lost in these gaming revenues, the huge amount of taxes lost and the duration of he recovery period of these casino games. The results of our findings were surprising as it gave a substituting effect and a beautiful example of the effectiveness of governmental intervention. The beginning of the paper is with this particular industry of the state, which is followed by methodology and data collection section respectively. At last, we present results and the conclusions. REVIEW OF EXISTING LITERATURES: A brief note about the Casino Industry of Mississippi The legislation of 1990 of Mississippi enacted and later allowed the gaming courses on these navigable waterways. The first ever casino to come up in this water way was in the midis of 1992. Most of the casino games were under the category of riverboat gambling (Roehl, 1994). During 1990’s we get to see casinos with huge facilities, restaurants, entertainment and supported with huge hotels. We see such features during this time. In United States, we have Mississippi ranked in the third place after obviously Las Vegas and the Atlanta city. There is also a Mississippi commission for games which estimates that every day they have more than 50 million people who visit the place. Further, amongst the 50million people, those who patronize the casinos of Mississippi annually out of them around 81% people are form the states of south eastern countries. Gulf Coast, South River, and North River, the gaming casino industry of Mississippi is based on on these three zones. The impact of Katrina fell on all these three zones respectively. North River section is based on a huge area of 594,000 square feet. It consisted of 10 casinos before Katrina struck the shore in 2005. This particular section is situated in the centre of Tunica, which is again located in the North West corner of state, southern part of Memphis. It is Tennessee. ...Download file to see next pagesRead More
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