What About Jobs LOST Indirectly by EB-5 Investments?

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Regardless of what we do, there are consequences. Sometimes those consequences are unintended or, at least, unforeseen.

The Magnolia Bluffs Casino opened in Natchez, Mississippi in 2012, funded in part by 46 EB-5 investors. The luxury casino complex was built on the banks of the Mississippi River at the site where an old mill had once stood. The EB-5 program requires that 460 new jobs be created by the approved project. EB-5 investors began filing I-829 petitions for removal of conditions early in 2014.

However, in a somewhat strange twist of fate, the success of Magnolia Bluffs contributed, at least in part, to the demise of Natchez’ other previously-existing casino, the Isle of Capri. Last week, the Capri closed its doors, putting 240 employees out of work. Net jobs gained in Natchez is 220, but that’s not the way that EB-5 counts – nor should it. It’s just the way things work.

– See more at: http://www.datsyn.com/article/4446/2015/08/24/What-About-Jobs-LOST-Indirectly-by-EB-5-Investments#sthash.WoloQCg0.dpuf