Florida Eying Massive Casino Expansion with New Legislation to Build 'Destination Resorts'Malaysian-Based Casino Giant Genting Americas Would Likely Bid to Build Las Vegas-Style Casino in Miami |
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South Florida’s gaming market could see a Las Vegas-style boom, as The Miami Herald reported that state lawmakers introduced new casino proposals Wednesday amidst mounting pressure to plug high unemployment and create investment in the region.
The construction of full-scale “destination resorts,” after just five years of legalized gambling in the state, could be led by Genting Americas, a Malaysian-based brick-and-mortar developer who bought land from The Miami Herald in May for $236 million.
A key component of the gaming expansion would be the enactment of a comparatively low 10 percent tax on net revenue. Nevada imposes the lowest such rate at just under 7 percent, while some casinos in the Midwest fork over about 30 percent. South Florida’s eight pari-mutuels with slot machine licenses currently pay 35 percent.
The bill would also end a Seminole Tribe monopoly on immensely profitable table games such as black jack and baccarat. The Tribe operates seven casinos in cities across the state, including the Hard Rock Hotel and Casinos in Hollywood and Tampa.
In order to regulate and select those qualified to participate in a South Florida expanded gaming industry that could see three of these mega resorts, the state would create a Gaming Commission that would be extensively monitored to prevent fraud and corruption.
A bid to receive one of the coveted licenses would come down to a rating on “the proposal’s design and location,” “the company’s management expertise,” “access to capital,” and “community plan.” The speed at which the project could be completed would also be a factor.
In an effort to make South Florida appealing to high rollers and other gambling tourists, the casinos must invest $2 billion, to go along with paying a $50 million licensing fee.
In addition to Genting, Reuters reported that Vegas-based casino giants led by Las Vegas Sands Corp have been lobbying for destination resorts in Florida for more than two years.
Pushing the measure through the state legislature might not be easy, as Florida lawmakers rejected a similar bill last year. The state also nixed an online poker bill in April.
After a hard-fought battle, Florida underwent substantial changes to its offering of poker in June of last year, lifting a buy-in cap at the tables and expanding operating hours for card rooms.
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