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Unsurprisingly, Parx Casino led the pack in terms of overall slot revenue, taking in $34,788,328, a very healthy 8.57% year-on-year increase. Parx hopes to be a major player when expanded gambling verticals go live later this year. The company was the first in line to apply for a $10 million iGaming license, and was the second to snap up a sports betting license, for an additional $10 million payment. Sands Bethlehem’s slot take was nearly $9 million behind Parx ($25,752,583), a 2.48% Y/Y gain. The Rivers , sister casino of SugarHouse , took the third spot with $23,578,312, a 6.29% increase over August 2017. Valley Forge , one of the state’s two category 3 resort casinos, continued its hot streak last month with another stellar performance. The venue boasted a slot win of $7,625,062, a whopping 13.94% gain over the previous year. What’s more, in July , it beat its Y/Y total by 5%, and smashed its year-over-year total in June by 18.15%. The facility has benefited tremendously from a change permitted by the gambling package passed last year , which allows resort casinos to open up their gaming floors to non-hotel guests. Of course, PA didn’t relax the law without charging for the pleasure. Valley Forge paid a $1 million fee to the state for authorization to make the change, an investment which has been paying off handsomely.
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The Seminole Tribe and Disney ante up on their support of a controversial ballot measure as Miami’s developers weigh what could be gained and lost in its passing By Francisco Alvarado | September 20, 2018 11:00AM For more than a decade, local betting outfits and the Seminole Tribe of Florida have engaged in a cold war to undermine one another’s ability to expand gaming laws in the Sunshine State. Usually the clandestine battles are waged in Tallahassee during the annual legislative session, where both sides deploy armies of lobbyists to twist the arms of legislators. Now both sides are enlisting voters to join the fight, which has proven controversial within Miami’s development community. Florida’s Nov. 6 ballot has a constitutional amendment that would require that any future gambling facility not located on tribal land — whether it’s a card room or a slot machine palace — be approved by all Florida voters. That means a developer like Jeffrey Soffer, who is entertaining the possibility of obtaining a casino license for his signature property, the Fontainebleau Miami Beach, would have to launch a statewide campaign and obtain more than 60 percent approval at the ballot box.
For the original version including any supplementary images or video, visit https://therealdeal.com/miami/issues_articles/the-gambling-gambit/
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