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Magic Metropolis: Regulators OK ‘Greatest Casino Deal’ in Florida Historical past | Casino.org
Posted on: February 10, 2023, 04:43h.
Final up to date on: February 10, 2023, 05:42h.
Florida’s Gaming Management Fee has authorized the switch of the gaming license held by Miami’s Magic Casino to the Poarch Creek Band of Mission Indians. That paves the way in which for the Alabama-primarily based tribe to purchase the casino from proprietor West Flagler Associates (WFA) in what’s going to seemingly be the biggest casino acquisition in Florida historical past.
The acquisition value has not been disclosed publicly. However industry insiders estimate $600 million.
Florida has greater casinos than Magic Metropolis, a card room and a pari-mutuel venue, albeit one of many few which are permitted to offer slots, therefore the value tag.
However the state’s sprawling Exhausting Rock-branded casino resorts are all owned by the Seminole Tribe of Florida, which couldn’t promote them to a different operator even when they needed to. They exist due to gaming rights afforded to the Seminoles on their sovereign land, that are non-transferable.
Poarch Creek Growth
With the acquisition of Magic Metropolis, the Poarch Creeks are rolling the cube on a industrial gaming venue removed from their reservation in Alabama, the place they personal the state’s three casinos below their Wind Creek model.
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However not for the primary time. The tribe already owns two properties in North Florida, a card room in Pensacola, and a barrel racing monitor and card room in Gretna.
The Poarch Creeks have been increasing their gaming footprint throughout the US for the previous decade. Most notably, they acquired the Sands Bethlehem from LVS in 2019 for $1.3 billion, renaming it the Wind Creek Bethlehem.
Whereas the value is unknown, it’s an all-cash deal to accumulate 100% of Magic Metropolis. In the meantime, the tribe’s gaming arm, PCI Gaming, has mentioned it is going to retain all the venues’ workers, aside from some senior executives who will stay with WFA, The Miami Herald stories.
WFA additionally runs the Bonita Springs Poker Room close to Fort Myers, which can stay in its management.
Legacy Venue
This would be the first time the venue has modified arms. Initially often known as the Flagler Canine Monitor, it has been a household-run enterprise since 1952, passing via three generations of the Havenick household, which owns WFA.
The canine monitor closed in 2018, and gambling on greyhound racing is now unlawful in Florida. Jay Dorris, president and CEO of PCI Gaming subsidiary Wind Creek Hospitality, mentioned in a press release this week that the 30-acre monitor may very well be redeveloped right into a lodge resort. However these modifications are prone to come additional down the road.
“We’re very happy that the fee made their conditional approval,’’ he said. “We’ll get the deal closed, and we’re going to be very clear and supply them with no matter information they want.
“This buy is a unbelievable alternative to develop on a profitable enterprise and intends to enhance the property and make further investments,” he added.
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UbetMobile.com Article Base: Magic Metropolis: Regulators OK ‘Greatest Casino Deal’ in Florida Historical past uBetMobile – 2023
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