More Florida casinos?

For several reasons, the political landscape in Florida has now shifted, and the expansion of commercial casinos is more likely than it has been in years. From the Miami Herald:

Ellyn Bogdanoff has given up. Once one of the most ardent opponents of gambling expansion in the Florida House, the Fort Lauderdale legislator is now ready to open the doors to full-fledged casinos because, she says, Florida “is losing the battle'' to the Seminole Tribe.

Backed by one of Las Vegas' largest gambling magnates, Bogdanoff wants to allow casinos at five to seven “destination resorts'' throughout the state through the Florida Gaming Equalization Act.

Under the plan, voters would first have to approve the casinos in local referendums. Then, a state gaming commission would grant permits for the convention-focused entertainment centers. Applicants could range from the big names of Vegas to Florida's parimutuel industry. The expansion would offer competition to the Seminole Tribe's Hard Rock casino resorts near Hollywood and Tampa.

Sheldon Adelson, chairman and CEO of the Las Vegas Sands Corp., told The Miami Herald/St. Petersburg Times on Friday that he is prepared to invest in bringing mega-convention centers and casinos to Florida that would include shopping centers, theaters, spas, hotels, restaurants and, yes, full casinos.

One possibility: a $3 billion resort casino that could create as many as 7,000 jobs, he said.

via Lawmakers push for full casinos in Florida resorts – Florida – MiamiHerald.com.

I did a little bit of consulting for a group that was investigating Florida gambling back in 2006, including a presentation before the House of Representatives’ Committee on Business Regulation, so this is an issue that I’m interested in. I’d want to look at the current numbers before saying anything concrete, but my analysis in 2006 showed that there was substantial room for growth in the state’s gaming industry. Since then, there has been expansion–Class III gaming, slots at tracks–and it would be interesting to run the numbers again to see how much more room for growth there still is. If nothing else, the past two years should have proven that the market isn’t infinite.

For those interested in the potential impacts and issues that the “mega-resorts” might have in Florida, I humbly recommend two books: my own Suburban Xanadu (particularly the last chapter), and Eadington and Doyle’s Integrated Resort Casinos.

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