|
...once sleepy agricultural community has become one of the fastest growing gaming and tourism destinations in the U.S. Today, Tunica boasts nine world-class gaming facilities, 6,300 quality hotel rooms, growing resort amenities, and approximately $1.2 billion in annual gaming revenue.
There are many miracles in the economic resurgence of Mississippi. However, nowhere has there been a more profound impact on economic development than in Tunica County:
* 10-12 million visitors a year (85% out-of-state)
* 16,000 new jobs
* New schools and recreation facilities
* Improved public safety in roads, police, and fire protection
* New cultural and recreational attractions
All of this has happened in just 15 years. Tunica is now more well-positioned than ever to continue growing and contributing to Mississippi's economy, whereas 15 years ago, it was a drain on the economy.
The Tunica Miracle
In the early 1990s, Tunica was one of the poorest counties in America. Its 9,000 residents were almost totally dependent upon its agricultural economy, unemployment was in the double digits, average per capita income was just $10,611, and more than half of the county's residents lived in households receiving food stamps. That all changed in 1990 when the Mississippi Legislature legalized gaming as a way to create badly needed jobs and bring new industry to the river and coastal areas. Tunica's civic and business leaders adopted gaming as part of an economic development strategy, and the "Tunica Miracle" began.
Tunica Tourism
Starting in October 1992 when the first casino (Splash Casino) opened in Tunica, the familiar cha-ching sound of a slot machine payout wasn't the only thing in Tunica that had people talking. Splash Casino created jobs and world-class casino resorts almost overnight. More than $3 billion has since been invested in Tunica, and more than 16,000 new jobs have been created. Subsequently, Tunica County's budget grew from $3.5 million in 1992 to $56.6 million in 2007. Tunica County has created a diversified economy that lives up to its reputation for being one of America's great economic success stories.
More Bang for Your Buck
While the trend in the hotel industry across the country has been lower year-over-year occupancy and higher year-over-year average daily rates, fortunately Tunica is an exception to the trend. Since 2001, the average daily rate in Tunica has gone up less than $10, and in some years rates have even gone below the 2001 level. An even more impressive number is the average daily rate. For 2006, the...
NOTE: All illustrations and photos
have been removed from this article.
More articles from Business Perspectives
Cambria suites brand cites success in 2007: a new generation of hotels..., September 22, 2007
National & Regional Economies.(Statistical table), September 22, 2007
Serving Memphis: the Memphis Restaurant Association., September 22, 2007
Looking for additional articles?
Search our database of over 3 million articles.
Looking for more in-depth information on this industry?
Search our complete database of Industry & Market reports by text, subject, publication
name or publication date.
About Goliath
Whether you're looking for sales prospects, competitive information, company
analysis or best practices in managing your organization,
Goliath can help you meet your business needs.
Our extensive business information databases empower business
professionals with both the breadth and depth of credible,
authoritative information they need to support their business
goals. Whether it be strategic planning, sales prospecting,
company research or defining management best practices -
Goliath is your leading source for accurate information.
|
(financial%20report)%20%20&position=1)