PUBLISHED ON: July 26, 2010
The underwater oil spill in the Gulf of Mexico is catastrophic in every sense: loss of life, loss of livelihoods, and unprecedented environmental damage to a huge swath of coastal areas bordering several states. The oil spill also spells potential disaster for hospitality and gaming businesses on or near the Gulf Coast (and perhaps beyond). It does not take a great deal of insight to realize that during the summer vacation season, many travelers and businesses will avoid the areas affected by the oil spill. Indeed, significant cancellations of existing hotel and event reservations are occurring and are likely to get worse as the damage from the spill spreads.