Things are looking grim in Biloxi, Mississippi and Louisiana, where the effects of Hurricane Katrina appear to grow worse as each day passes. As for the gambling industry, it has been verified that several casinos have been lost, including a few owned by Harrah's Entertainment and MGM.  It is likely these companies will rebuild, although that probably won't be for a long period of time.  It will take years to fully recover from this devastating storm.  In the meantime, both Harrahs and the American Gaming Association have stepped in to help displaced casino personnel get on their feet and ride out the recovery period.

It is official that Hurricane Katrina has destroyed several well-known riverboat casinos along the Gulf Coast.  However, this is only a small concern for residents in the GulfPort region and In Biloxi, where the damage was absolutely catastrophic.  Biloxi was especially hit hare, where several casinos were swept away by rising waters and high winds, including Hard Rock Casino, Grand Casino and Palace Casino.

Other smaller, privately owned casinos like President Casino were ruined as well, which is a great loss to these smaller establishments.  Many of these casinos do not have the large profit margins that other corporate owned casinos have, which would make it a cumbersome task to rebuild.  It may be a better option for these owners to collect insurance money and invest their money elsewhere.

Large casinos like those owned by Harrah's can be easily rebuilt, which will undoubtedly be a necessity to jumpstarting the economy when rebuilding starts to take place.  Harrah's Entertainment, which is based in Las Vegas, has already donated $1 million to specifically help all the workers of its three casinos.  The general view is that everything is at a loss, and that recovery will not be for quite a long while - possibly even years.  The American Gaming Association, which did an exceptional job evacuating the casinos well in advance of Katrina hitting shore, has set up a Gaming Industry Relief Fund, with primary intentions of helping casino workers who have suffered great loss.

In New Orleans, the damage was not as severe, although the rising floods there will still have their say in the matter.  Officials are starting to realize the magnitude of the storm, which unfortunately, appears to be growing more and more catastrophic.  Currently, thousands - from Coast Guard Troops to airboat clubs - are doing all they can to help in the rescue effort.  For those who would also like to help in some way, monetary donations are being accepted by the American Red Cross.

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