In Biloxi, the city has good new for itself at
least. Good news is just what the Mississippi coastal town
needs during its time of recovery after a devastating hurricane ravaged
some 12 casinos strung along the waterfront there.
Barely 2 months before Katrina devastated
the area, Biloxi secured an insurance policy against a catastrophic
event like a hurricane disrupting its stream of gambling revenue.
The town of 50,000 spent $92,000 on a
business interruption policy that pays out $10 million at the
request of its mayor AJ Holloway. He, and anyone else behind that
decision will be getting many thanks no doubt.
Casino revenue accounts for about 33% of Biloxi's
budget. The $10 million policy will cover nearly 6 months of the lost
casino revenue.
After the destruction from the massive hurricane,
the city of Biloxi needs the insurance money just to keep going.
Currently, money is being spent at nearly 3 times
the rate that it would usually be spent because there are so many people
on the city's payroll working towards recovery - but no income to the
city itself is being made.
The casino insurance policy fro Biloxi was
underwritten by Lloyd's of London.
All online casinos players wish all the people of
the stricken area the best in there recovery.
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