Tags: Katrina | Not | Stopping | Bulls

Katrina Not Stopping Bulls

Thursday, 15 September 2005 12:00 AM

The United States has endured a devastating hurricane that could cost $125 billion in damage. And now skyrocketing gas prices are inducing sticker shock on U.S. consumers. But even with all of this, investors have yet to make the switch from bull to bear.

3. New Orleans: $50M Tourism Losses Daily

The Gulf Coast, which boasts tourist mecca New Orleans as well as countless miles of gorgeous coastline and beaches, will have its work cut out in terms of bringing vacationers back to the region.

According to reports from New Orleans, the city is trying to get the famous French Quarter back up and running by December 1, 2005 - about two months ahead of Mardi Gras.

But some tourism experts say that an early timeline for New Orleans and other Gulf locales is out of the question.

"It is next to impossible to believe that any of the Gulf Coast will experience any tourism for the better part of a year," says Dr. Steve Litvin, professor of hospitality and tourism management at the College of Charleston.

"The affected places will rebuild, but until everything is back in place there will be no reason for tourists to want to return. Transferability is one of the key points that define tourism. Tourists can go wherever it is they wish, when they wish," says Litvin.

"And with all the problems and lack of infrastructure the Gulf Coast will see over the next year, when a tourist picks their destination of choice, the choice will be someplace without problems. And for the next year, at least, these areas will not have the infrastructure to provide the quality experience they provided in the past."

Sources say that in daily tourism revenue, Katrina is currently costing the city of New Orleans alone about $50 million.

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The United States has endured a devastating hurricane that could cost $125 billion in damage. And now skyrocketing gas prices are inducing sticker shock on U.S. consumers. But even with all of this, investors have yet to make the switch from bull to bear.3. New Orleans:...
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Thursday, 15 September 2005 12:00 AM
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