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  • Mississippi Gaming Tax Collections Fall by Tens of Millions

    Mississippi's casino tax collections slip downhill as stocks fell down an estimated 18 percent for the recently ended fiscal year. It has been anticipated that the tax collections would not be so favorable compared to last fiscal year due to Hurricane Katrina. The calamity has virtually, albeit temporarily, wiped out the Gulf Coast market.

    Gaming industry tax collections for fiscal year 2006, which marked its end June 30, registered at $61 million below the year before. Total gaming tax collections for fiscal year 2006 was $273.5 million dollars as compared to $334.6 million dollars in fiscal year 2005.

    Gaming officials are nevertheless still hopeful about the gaming industry, saying that it will gain the momentum it badly needs to recuperate as more and more casinos prepare to reopen this fall.

    Mississippi was home to 29 state regulated casinos, all of which are situated on the Gulf of Mexico and the Mississippi River. But 12 of these sustained extensive damages from the onslaught of Hurrican Katrina along the coast on Aug. 29, 2005.

    Gulf Coast casinos are responsible for an estimated 45 percent of Mississippi gaming market while the river casinos comprise the rest.

    Five coast casinos have already reopened, while another five are expected to continue their operations come this fall.