A flooded residential area in Memphis, Tenn., is seen in this aerial photograph taken on Tuesday, May 10.

The river level in Memphis has dropped slightly since cresting at nearly 48 feet on Tuesday, falling inches short of its all-time high and causing an estimated $320 million in damage.

Nearly 500 Memphis residents were in shelters after hundreds of homes along the river's bank were flooded with polluted water up to their first-floor ceilings, The Associated Press said, while others were completely submerged.

By the end of the week, all 19 casinos along the river will be shut down, putting up to 13,000 employees temporarily out of work.

The damage in Memphis was estimated at more than $320 million, the AP said, and an official total cost won't be tallied until the waters recede.

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