New Orleans leaders are moving to shore up the city's finances ahead of hurricane season with a $103 million casino deal.

Why it matters: Mayor Helena Moreno inherited a $160 million budget deficit that drained the emergency fund, limiting how officials can respond if another devastating storm hits southeast Louisiana.

The big picture: The city currently has $35 million in emergency savings. It should have $140 million to $160 million, state auditor Mike Waguespack says.

• To close the gap, Caesars will pay $103 million to cover the next nine years of rent, Moreno and chief administrative officer Joe Giarrusso announced yesterday.
• The lump sum reflects a discount of 8.75%, which is roughly $4.7 million less per year than the standard payments.
• Moreno says she hates to give up that money, but it's worth having cash on hand in case there's another pandemic or Hurricane Ida.
• Waguespack called it a "genius move" at a press conference yesterday, and said state leaders appear to be onboard.

Between the lines: It would quickly replenish reserves, but it won't resolve the city's budget gap.

Zoom in: If the deal closes, the money will go into the city's general fund for emergencies.

• Moreno said the bigger bank account should also help the city's credit rating, which has been downgraded recently.

Yes, but: The Caesars payment won't end furloughs or other austerity measures, Moreno says.

• Officials are pursuing new revenue options — increased sanitation fee, new parcel fee — along with cracking down on enforcement.
• The city also tightened rules for overtime, which was blamed for a large portion of the original deficit. There's a new public dashboard for tracking the spending.
• Plus, leaders say they expect to request another operating loan this summer.

What's next: The City Council will vote on the plan at its meeting next week. Four council members — a majority — joined Moreno yesterday in support.

• If the deal passes as expected, the financial paperwork should be finalized "shortly after," says Annie McBride of the New Orleans Building Corp.
• Hurricane season officially starts June 1.

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Susan Hutson has less than a week left as the Orleans Parish sheriff before turning over the keys to Michelle Woodfork.

• Watch Hutson's farewell address yesterday.
• She was the state's first Black female sheriff. Her approval ratings cratered after a large jailbreak in May 2025.
• Woodfork will be sworn in Monday.

Other recent politics news:

• Mitch Landrieu is considering a run for president. (CNN)
• Calvin Duncan was sworn in last week as clerk of the Orleans Parish Criminal District Court, even as state lawmakers advance a bill that would eliminate his position. He's slated to take office Monday. (Verite)
• The nurses union at University Medical Center is planning a five-day strike starting Friday. (Press release)
• Mayor Helena Moreno is asking Gov. Jeff Landry and the Louisiana Legislature for $5.1 million to begin planning a new City Hall. She says the current building is "disgusting" and in need of major repairs. (The Times-Picayune 🔒)

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🐙 The Kraken House owners have moved, leaving the future of the Halloween landmark in question. (Facebook)

⛳️ It's official — the LIV Golf tournament isn't happening in New Orleans in June. The Saudi-backed league wants to "explore a potential event this fall," according to a joint statement from Gov. Jeff Landry and LED Sec. Susan Bourgeois. (AP)

• LIV, in a separate statement, says it wants to avoid the "peak summer heat."
• The state has already paid $3.2M as part of the contract. LIV will return the incentive funds, with the exception of $2M already invested in upgrades for City Park.
• Neither statement said how people could get refunds for their tickets.

⚡️ Cleco, one of the state's largest utility companies, has agreed to sell to private investment firms Stonepeak and Bernhard Capital Partners. The headquarters will remain in Pineville. (Press release)

🎸 Live Nation's $30 summer concert tickets go on sale today. Several New Orleans venues usually participate. (Info)

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