Genting's New Plan: Slots-Only Casino at Miami Herald Site

Categories: Unreal Estate

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Ever since Genting Corporation's aggressive plans to bring a full-service casino and mega-resort to the old Miami Herald site went boom the Malaysian conglomerate has been pretty quiet about its next step. We should have figured they were up to something.

Today comes news that they've struck a deal with Gulfstream Park to bring a slots-only casino to the property. Miami-Dade isn't unfamiliar to that kind of gaming, but it would still bring gambling right into the heart of Miami.

Though, according to the Miami Herald itself, Genting would still likely need to get legislature approval to clarify that the deal is legal.

Under Florida law, parimutuels, like horse tracks and jai-alai facilities, are allowed to operate sites. Gulfstream Park is mostly located in Broward, but owns some land in Miami-Dade. As part of the deal, proceeds would go to a nonprofit entity that would promote horse racing and breeding in Florida, as well as provide care for retired race horses and disabled jockeys. Genting would get to keep an "administration fee."

Though, legislators would likely need to rewrite Florida's parimutuel gambling laws to clarify that slot machine gambling connected to a horse racing facility could occur off site. There would also need to be legal clarification as to whether Gulfstream's permit is valid in Broward or Miami-Dade County.

The plan would still bring gambling to downtown Miami. You'd have people playing slots just minutes from a Herzog & De Mueron-designed art museum and a performing arts center, for example.

As of 2012, Genting's other plans for the site included two condo towers,
a 500-room hotel, and 100,000 square feet of boutiques and restaurants. No word on whether those plans have been changed.

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1 comments
RaceRadar
RaceRadar

This is phenomenal news for South Florida and for the parimutuel industry nationwide. If this goes through, the model will take off like wildfire throughout the US as traditional enemies the casino companies and parimutuel operations will team up to build casino resorts that are located separately from racetracks, all the while preserving and growing the American horse racing industry (a $5 billon concern with a 100+ year history.) I'm elated! -- David http://raceradar.com

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