Florida looks to establish destination casino resorts to boost tourism
The state of Florida will consider a bill sometime before the end of 2011 that will issue licenses to developers looking to build destination casino resort facilities, and play poker among others, within the state.
The state will require a commitment of at least $2 billion in capital investment as well as a willingness to pay a $50 million licensing fee.
Casino gambling has long been dominated by the Seminole Indian tribe in Florida. While over $2 billion is spent annually at gambling casinos in Florida, legislators believe that the development of destination resort casinos in cities like Miami would be a huge draw for the tourism industry. One developer—Malyasia-based Genting Group, has already proposed a $3.8 billion casino and resort hotel in downtown Miami, and would house a five-star hotel, several retail stores and restaurants along with a top-tier casino.
The Seminole Indian tribe has countered by saying that almost all of their revenue profits stay within the state, and are used by tribe members at local grocery stores, car dealerships and other local businesses. Seminole gambling revenues also help fund the tribe’s government operations as well. However, the state is intent on increasing job creation and tourism, and keeping the bidding for licenses open to outside sources will help spur the economy.