Regulators OK Greatest On line casino Deal in Florida Historical past

Posted on: February 10, 2023, 04:43h. 

Final up to date on: February 10, 2023, 05:42h.

Florida’s Gaming Management Fee has authorised the switch of the gaming license held by Miami’s Magic On line casino to the Poarch Creek Band of Mission Indians. That paves the best way for the Alabama-based tribe to purchase the on line casino from proprietor West Flagler Associates (WFA) in what is going to possible be the most important on line casino acquisition in Florida historical past.

Magic City Casino, West Flagler Associates, Miami, Poarch Creeks
Magic Metropolis On line casino, a rooftop view. The venue has been owned by the Havenick household for generations. The Poarch Creeks of Alabama moved one step nearer to taking on this week. (Picture: West Flagler Associates)

The acquisition value has not been disclosed publicly. However business 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 supply slots, therefore the worth tag.

However the state’s sprawling Exhausting Rock-branded on line casino resorts are all owned by the Seminole Tribe of Florida, which couldn’t promote them to a different operator even when they wished 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 business gaming venue removed from their reservation in Alabama, the place they personal the state’s three casinos below their Wind Creek model.

However not for the primary time.  The tribe already owns two properties in North Florida, a card room in Pensacola, and a barrel racing observe 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 worth is unknown, it’s an all-cash deal to amass 100% of Magic Metropolis. In the meantime, the tribe’s gaming arm, PCI Gaming, has stated it is going to retain the entire venues’ staff, apart from some senior executives who will stay with WFA, The Miami Herald studies.

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 palms. Initially generally known as the Flagler Canine Observe, it has been a family-run enterprise since 1952, passing by three generations of the Havenick household, which owns WFA.

The canine observe closed in 2018, and playing on greyhound racing is now unlawful in Florida. Jay Dorris, president and CEO of PCI Gaming subsidiary Wind Creek Hospitality, stated in an announcement this week that the 30-acre observe might be redeveloped right into a lodge resort. However these adjustments are more likely to come additional down the road.

“We’re more than happy that the fee made their conditional approval,’’ he stated. “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 incredible alternative to broaden on a profitable enterprise and intends to enhance the property and make further investments,” he added.



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