In the News: Vital Terrorism Risk Insurance Signed into Law, Protects Major Tourist Destinations Across the US
Washington, DC – As the American Gaming Association successfully pushed for reauthorization of a vital program that provides terrorism risk insurance to gaming companies, reporters have been highlighting the importance of the program for protecting the Las Vegas Strip and the state’s number-one industry. Outside of Nevada, however, the program is key for protecting the investments of destination communities across the country, especially for casinos, which would not be able to secure additional capital for new projects without Terrorism Risk Insurance Authorization (TRIA).
Ch. 3: AGA highlights importance of terrorism risk insurance for Las Vegas Strip
Watch the clip here: http://bit.ly/1BZQY7t
Las Vegas Sun: What does terrorism insurance program mean for Las Vegas? Quite a lot
By J.D. Morris
January 14, 2015
In its first week back, there was one thing virtually all of Congress could agree on: Las Vegas casinos and other large commercial businesses should be protected financially from a major terrorist attack.
A bill to restart a federal program helping to do just that passed the new Republican Congress last week and was signed into law by President Barack Obama on Tuesday.
The American Gaming Association, a Washington, D.C.-based trade group for casinos, made a similar argument while pushing for renewal of the legislation.
“Without TRIA, the gaming industry will face costly difficulties in obtaining coverage, often required for critical community investments,” Geoff Freeman, the gaming association’s chief executive, wrote in a letter to leaders of the Senate Banking Committee last June.
The gaming association is part of the Coalition to Insure Against Terrorism, a group of businesses and organizations that came together to support the initial passage of TRIA as well as each of its subsequent extensions.
In November, the gaming association says it led meetings with several lawmakers — including Heller, Nevada’s Rep. Joe Heck and policy staff for Sen. Harry Reid — to advocate for TRIA’s importance to gaming. The gaming association also says it helped get “dozens” of members of Congress on board with the reauthorization of TRIA.