Hurricane Milton cuts into Florida Casino Industry

Even before touching land, hurricane Milton already cuts into the Florida casino industry. Several casinos have already closed, more are to follow. The impact will be severe.

Hurricane Milton – Closures and Evacuations

Hurricane Milton is projected to have a significant impact on Florida’s casino industry, especially in areas under evacuation orders and with mandatory closures.

Several casinos, including prominent ones like the Seminole Hard Rock Hotel & Casino, have already canceled events and scaled back operations as a precaution. Smaller venues like poker rooms in Tampa and St. Petersburg have shut down completely.

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The economic hit is expected to be severe. Florida casinos generate around $3.2 million in daily revenue, but this will drastically reduce during the hurricane due to closures and lack of visitors.

In addition to direct losses, long-term impacts like structural damage, power outages, and infrastructure disruptions could prolong recovery, further affecting operations. Casinos along the coast are particularly vulnerable to flooding and storm surge, which could exacerbate recovery time.

More Industries will be Affected

Governor Ron DeSantis has declared a state of emergency across 51 counties, reflecting the seriousness of the situation. This disaster could result in tens of billions of dollars in economic losses across various industries, including, but not limited to gaming.

After the National Weather Service in Tampa Bay labelled Milton as potentially “the worst storm in over 100 years”, it has become clear that this will impact Florida’s whole economy.

Disney World and other theme park located in the state will have to shut down as well. Corresponding announcements were made yesterday.

Goldman Sachs experts have predicted that Milton will cause the economy to shrink by $150-$200 million, which will be the biggest dent since hurricane Irma in 2017.

Tampa and St. Pete-Clearwater airports have already closed, while Orlando International Airport is shutting down today.

Effects on Online Casino Industry

The impact on the online business is going to be much less severe. Since there will be power outages, less people are going to be online, and those who are will probably have more important things on their minds than the next progressive jackpot.

With tens of thousands now trying to escape northbound, the highways are already under pressure. More and more gas stations are running out of gas.

Tampa’s mayor Jane Castor left no doubts about the seriousness of the situation in an interview on CNN. Her statement in a nutshell: if you stay, you die.