Business

Casinos' Revenue Hard Count Hits $411 Million in Florida

By: Jim Turner | Posted: July 26, 2012 3:55 AM
Seminole Coconut Creek Casino

Seminole Coconut Creek Casino | Credit: seminolecoconutcreekcasino.com

There is little concern that Florida is in danger of shedding its label as one of the nation’s largest gambling states.

Revenue jumped 15.1 percent from the prior year at Florida’s six gaming facilities in the recently completed 2011-2012 fiscal year. The casinos reported a net revenue of $411.3 million to the Florida Division of Pari-Mutuel Wagering.

The revenue increase comes for a year in which an effort to create a statewide gaming commission and allow at least three mega-casinos to join the gaming party in South Florida died in the Legislature.

Gaming Today notes that the newly opened Casino Miami Jai Alai added $25 million to the net revenue, more than 4 percent of the increase.

“The remaining five properties were up over $28.7 million,” the gaming Website reported. “The 10.8 percent increase is not too shabby considering the (depressed)  business levels at many gaming palaces around the nation.”

The increase at state-approved gaming locations didn’t cut into the desire by people to play their luck elsewhere in Florida.

The Florida lottery, which last fall inked a deal to make the Sunshine State the first to offer lottery tickets in Wal-Mart stores, reported a record $4.45 billion in sales.

Overall, the lottery sales figures were up $440 million from the prior July 1-June 30 period.

Because of the growth in play, House Speaker-designate Will Weatherford, R-Wesley Chapel, and Senate President-designate Don Gaetz, R-Niceville, both recently told the Tampa Bay Times/Miami Herald the time is approaching for Florida to take a comprehensive look at gaming in Florida, including the Seminoles' compact.

The compact, worth $233 million a year for Florida, is up for renewal in 2015.



Reach Jim Turner at jturner@sunshinestatenews.com or at (772) 215-9889.

Comments (2)

Freeman
1:03AM SEP 4TH 2012
Seven out ! Suckers
Native Floridian
1:09PM JUL 26TH 2012
It's time for Florida to pull the plug on the monopoly the Seminole tribe has and redirect some of this market to other parts of the state and create jobs and revenue throughout the state.

The Semioles are holding Florida back from creating more jobs, tax revenue and better STATEWIDE economy. The more they make, the more power they have and we can be sure they will try to wave a bigger carrot for a better deal to secure their gambling monopoly. They are hording the market and their greed will only grow bigger.

The pari-mutuels have been loyal to this state and have provided thousands of jobs to families, created a vast amount of indirect services and paid real taxes and revenue for decades and would continue to be be an excellent economy booster. We need the tracks to offer casino gambling. Check this out. I found this link some time ago,
yourchoiceforjobs... dot... com

It looks like a no brainier for the legislatures to put the tracks like this in a position to offer this all across the state. I'm sure the politicians will find the right way to create the most jobs that help provide for families and boost the economy statewide. Right??
Good luck Florida!

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