Heavy rest: A night’s stay at a New Orleans hotel can take as much as a 15% bite in taxes and fees. Yet barely more than 1 in 10 of those tax and fee dollars finds its way into city coffers. Steve Perry, CEO of the nonprofit local tourism promoter New Orleans & Company, recently unveiled the industry’s answer: a proposal that, rather than cost the industry any of its current revenue stream, would raise the hotel tax another 0.55 percent in anticipation of another $6.7 million a year to meet New Orleans infrastructure needs. Read the full story.
No sure bets: Tribes enthusiastically welcomed the Supreme Court decision to overturn a federal sports betting ban in May but since then the regulatory challenges and low-margin nature of the business have sunk in. Many tribes share a portion of casino profits with state governments in exchange for exclusive rights to conduct gambling operations within their states. To offer sports betting, the majority of tribes would have to renegotiate compacts that vary widely in cycles and the issues covered. Read the full story.
Tapering off: U.S. home price growth slowed in October, a likely consequence of higher mortgage rates having worsened affordability and causing sales to fall. The S&P CoreLogic Case-Shiller 20-city home price index rose 5% from a year earlier, down from an annual gain of 5.2% in September, according to a report released this morning. Home prices have dropped as would-be buyers are struggling to afford homes. Prices have consistently climbed faster than wages, a challenge that was overcome until last year by historically low mortgage rates. Read the full story.