Essential workers could receive a one-time 250-dollar payment from the state as a result of the legislation heading to the House floor. Jeff Palermo has the story…
Cut 1 (31) “…I’m Jeff Palermo”
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A UL Lafayette economics professor warns the COVID Recession will hit Louisiana harder than the recent Great Recession. Matt Doyle has more…
Cut 2 (29) “…I’m Matt Doyle”
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A measure that would provide the gaming industry with an 83-million dollar tax break over the next five years is awaiting debate on the Senate floor after a Senate Committee approved the bill. Lake Charles Senator Ronnie Johns says his proposal is to help an industry that’s been hit hard by the COVID-19 economic shutdown
Cut 3 (08) ” their heels”
The legislation allows each casino to distribute five-million dollars in free promotional play wagers without having to pay taxes. Johns says the state will make that money up
Cut 4 (10)_ “…using it today”
Johns says casinos use Promotional play wager as a marketing tool to attract customers to their casino. The tax break will cost the state an estimated 11-million dollars a year. Alexandria Senator Jay Luneau expressed his support
Cut 5 (08) “…I really do”
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A House committee has approved a bill that would result in 250-dollar checks to some front-line employees who were required to work when the coronavirus pandemic began. Shreveport Representative Sam Jenkins says his legislation covers grocery store workers, first responders, health and child care workers…
Cut 6 (05) “…with the public”
Jenkins expects the program will cost 50-million dollars. Jenkins front line workers who earn less than 50-thousand dollars a year will be eligible and the cash will help stimulant local economies
Cut 7 (07) “…bills and expenses”
The only debate was over how the state will pay for this. The plan is to use coronavirus relief dollars from the federal government. Crowley Representative John Stefanski objects using money from a newly created small business grant program.
Cut 8 (13) “…as well”
Those seeking a hazard paycheck will be asked to apply through the Department of Revenue. The measure heads to the House floor for more discussion.
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A UL Lafayette economics professor warns Louisiana’s economic recovery from the COVID shutdown could drag into 2022. Gary Wagner says if the pandemic had not hit, the state would have still experienced a minor economic slowdown, but because of COVID-19, we’re now looking at historic long-term job losses.
Cut 9 (10) “…pandemic.”
The report shows the economic damage will be especially severe in Acadiana, Houma, and New Orleans due to the collapse of oil prices and the tourism industry.
Wagner says the coming recession will be worse than the Great Recession and hit the state hard because our growth heading into the pandemic was already pretty flat.
Cut 10 (06) “…month.”
Wagner notes there are some rosier projections based around the potential to rapidly regain those lost jobs the state begins to reopen, but there’s no consensus that that will happen.
Wagner says the COVID Recession will cost the state about a billion dollars in revenue compared to projections before the pandemic began.
Cut 11 (07) “…people.”
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The numbers are out regarding casino revenue in the month of May and the grand total is $70 million. While that’s down from the nearly $218 million at the same time last year, Casino Association of Louisiana executive director Wade Duty says the numbers are a positive indicator for the state’s gaming industry, considering all of the hurdles they faced.
Cut 12 (10) “…a downward trend.”
Casinos partially reopened in mid-May and revenues are down only 13% compared to the same two weeks last year. Duty says returning players have been very cooperative with spread mitigation efforts.
Cut 13 (09) “…within their expectations.”
Overall, the feeling is the turnout is better than expected, but Duty feels a clearer picture of the pandemic’s impact on the industry will be revealed with June numbers.
Cut 14 (09) “…about getting out.”
June’s numbers will also reflect the reopening of New Orleans casinos which did not see an opening during May.