Magic City Casino’s sale was put on hold for two months and it had a better pitch. Also, gaming analysts claimed that it would be the largest casino deal in Florida. Besides, the Florida Gaming Control Commission gave the gaming property’s sale conditional approval to Poarch Band Creek Indians, an Alabama Native American tribe.
The Huge Casino Purchase
The Florida regulator will allow PCI Gaming Authority, which the Poarch Band of Creek Indians operates, to complete the awaited purchase of the Havenick family’s casino. It chose West Flagler Associates to monitor electronic casino games, poker, and slot machines in Miami.
The regulator didn’t reveal the buying price. John Lockwood, PCI Gaming and West Flagler Associates’ attorney informed the Florida Gaming Control Commission that they would make a cash deal. Financial analysts predict that it is worth $600 million based on the PCI Gaming Authority’s $1.3 billion purchase of the Sands Casino Resort in Pennsylvania.
The Casino Has Its First Ownership Change
Magic City Casino was initially called the Flagler Dog Track. The Havenick family has owned and run it for many years.
Jay Dorris, Wind Creek Hospitality’s CEO, and President stated that the resort’s new owner is ambitious. Wind Creek Hospitality is PCI Gaming’s subsidiary.
Are There Plans to Upgrade the Casino?
The casino’s dog run is closed and a resort might be constructed on the 30 acres property. It will resemble Wind Creek Hospitality’s Caribbean properties as it will comprise amazing attractions and shopping centers.
Dorris said that the state’s gaming commission’s conditional approval pleased them. They will close the deal soon and offer Poarch Band Creek Indians any support they will need. He added that the deal is an irresistible chance to expand their operations and make more investments.
The CEO revealed that PCI Gaming won’t fire any Magic City workers except a few senior executives who will work at West Flagler Associates. The company will control all gaming activities.
It has the green light to run poker and summer jai-alai at the Fort Myers Bonita Springs Poker Room and near Edgewater. Still, Wind Creek Hospitality won’t make sudden changes.
The Gaming Commission’s Crucial Decision
The Florida gaming regulator’s conditional approval is among its major decisions in the state. But, it lacks one member since John Mclver, its former president resigned. The Legislature created the commission and launched it in 2022 with the mandate of controlling the state’s online gaming operations.
The gaming commission halted the property deal between PCI Gaming and West Florida Associations last December. It instructed them to remove 103 pages from their 110-page application.
PCI Gaming replaced Wind Creek Miami LLC, one subsidiary, with Gretna Racing LLC, another subsidiary, as the main organization to procure 100 percent equity interest and ownership in the Magic City Casino gaming license. The deal features a slot machine license, a card room license, and a parimutuel license for the year 2022-2023.
Gretna Racing holds a card room and quarter horse racing parimutuel license that will help it get the slot license that West Flagler Associates own now. Lockwood stated that Gretna Racing has to make a $1 million payment out of the $2 million gaming license fee.
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