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The Florida Gaming Control Commission on Wednesday, February 8, granted conditional approval for the sale of the gambling licence from Miami-based Magic City Casino to an Alabama-based Native American tribe, Poarch Band Creek Indians, after a two-month delay and an improved pitch for what is allegedly the biggest casino deal in Florida history.
The Poarch Band of Creek Indians will be able to manage slot machines, poker and electronic casino games in Miami thanks to a resolution by a Florida regulatory body that will allow the PCI Gaming Authority, which is run by the tribe, to complete the multimillion-dollar acquisition of a casino owned by the Havenick family and its West Flagler Associates.
The purchase price was not disclosed, but lawyer John Lockwood, who represents PCI Gaming and West Flegler Associates, the two parties to the acquisition agreement, assured the commission that "it will be a cash sale."
Analysts peg the value of this acquisition as close to $600 million based on statistics from 2019, when PCI Gaming Authority paid $1.3 billion for the Sands Casino Resort in Bethlehem, Pennsylvania.
This will be the first change in ownership for the Magic City Casino, formerly known as the Flagler Dog Track since the Havenick family has long owned and run it.
According to Jay Dorris, president and chief executive officer of Wind Creek Hospitality, a PCI Gaming company that will oversee the development project, "The new owner have grandiose aspirations."
A lavish resort connected to the casino that will resemble the company's Caribbean properties and feature shopping centres and "experience-oriented attractions" may be built on the 30-acre property of the former dog run, which was once part of the casino but is now closed. According to Mr. Dorris, this resort will be similar to the company's Caribbean properties.
He added in the interview, "We're quite happy that the commission made its approval conditional. We'll finalise the deal, and we'll be very open with them and provide them any information they want.
This purchase is a great chance to grow a lucrative enterprise, and there are plans to upgrade the site and make further investments.
Mr. Dorris announced that "PCI Gaming wants to retain all Magic City personnel, with the exception of some senior executives who will remain with West Flagler Associates," in the near future.
The business will still be in charge of its other gaming ventures, which include a licence to run summer jai-alai and poker at a planned operation close to Miami's Edgewater neighbourhood and the Bonita Springs Poker Club close to Fort Myers, he continued.
There won't be any immediate adjustments, but I plan to launch the client awards programme for the business soon.
One of the most important unanimous decisions by the Florida regulator, which lacks a member after its former president John Mclver resigned, is this conditional clearance.
The commission was established by the Legislature and formally established last year, with its main duty being to oversee Florida's online gaming industry.
The regulator halted the property acquisition agreement between West Florida Associations and PCI Gaming in December and ordered the businesses to make a significant chunk of the 103 redacted pages from the 110-page application public.
Later, in January, PCI Gaming modified the proposal by designating Gretna Racing LLC, an entirely-owned subsidiary, as the lead company to acquire 100% ownership and equity interest in the Magic City Casino licence instead of one of its subsidiaries, Wind Creek Miami LLC. A parimutuel operating licence, a card room licence, and a slot machine licence are all included in the agreement for the fiscal year 2022–2023.
It is simpler for Gretna Racing to get the slot licence than it is for Wind Creek Miami since it already holds parimutuel licences for quarter horse racing and a card room. West Flagler Associates presently holds the slot licence. According to Mr Lockwood, Gretna Racing must pay $1 million of the $2 million licence cost because the slot licence was sold in the midst of the year.
The sale deal must complete within the next 30 days, and all last-minute information must be submitted to the Florida regulator for final clearance.
Ross Marshman, the commission's general counsel, stated thus way: "If it occurs as described, it can be allowed.
"But, we must really see proof that what was reported truly occurred."
The Seminole Tribe, whose lawyer Marc Dunbar provided the commission a history lesson on the legislative framework governing the transfer and sale of parimutuel licences, is now the lone party opposed to the agreement.
Not because Gretna Racing was a bad operator, he claimed, but rather because the commission was setting a precedent that went against regulatory best practises.
If industry reports are to be believed, this gaming deal is the most costly in Florida's history, he continued. Hence, I urge you to move forward carefully. The Seminole Tribe has no issues with West Flagler or any other licensee of slot machines selling their permits. Making ensuring it conforms with the law is all that is required.
The agreement for the acquisition was reportedly signed by West Flagler Associates and PCI Gaming Authority on September 20, 2022, according official records.
All "home currency," listings, contracts, and permits for vehicles and trailers are included in the purchase.
That's not all, though, as they also say that PCI will lease equipment for further casino renovations.
The commission should have access to such facts, which were not made public with the application, according to Mr. Dunbar.
They said that everything was done in accordance with the regulations when questioned about whether the commission followed the correct procedures before issuing the decision.
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