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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, 04:47h.

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 probably 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 strep nearer to taking up this week. (Picture: West Flagler Associates)

The acquisition worth has not been disclosed publicly, however trade insiders are estimating $600 million.

Florida has greater casinos than Magic Metropolis, a card room and parimutuel venue, albeit one of many few which can be permitted to supply slots, therefore the value tag.

However the state’s sprawling Onerous 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 industrial gaming venue removed from their reservation in Alabama, the place they personal the states’ three casinos beneath 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 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 amass 100% of Magic Metropolis. In the meantime, the tribe’s gaming arm, PCI Gaming, has stated it should retain all the venues’ workers, apart 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 fingers. Initially often called the Flagler Canine Monitor, it has been a family-run enterprise since 1952, passing via three generations of the Havenick household, which owns WFA.

The canine monitor 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 a press release this week that the 30-acre monitor may very well be redeveloped right into a lodge resort. However these adjustments are prone 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 unbelievable alternative to develop on a profitable enterprise and intends to enhance the property and make extra investments,” he added.

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