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Storm Policy for Casinos. 2005-06-29
Mayor A.J. Holloway of Biloxi Mississippi requested that the city buy a $10 million insurance policy against storm damages. This is to protect the city against working proceed loss in case a storm destroys any of their casinos. Biloxi City Council on Monday collectively approved the policy. Very shortly it will be taken out with Sawyer Insurance in Gulfport.
\"The insurance would recover the lost casino tax revenue resulting from a storm or hurricane. This accounts for close to $20 million per year, a big financial threat. That means a third of the city\'s annual working proceeds. There are nine casinos in the area that provide tax revenues.
The policy will allow for a six month pillow to give the casinos time to return to normal business, costing the city about $100,000 a year. The council, in addition, has approved advertising to seek bids for a stand-by contractor for storm rubbish confiscation .The winning bidder will be placed on stand-by during storm seasons, and would immediately go to work in case the storm causes damage.
(By Sammy)