Republican Releases Bill That Would Allow Casino Resorts In Miami, With High Entry Barrier

Resorts World Miami

A bill that would permit destination resorts was released by House Majority Leader Dana Young yesterday, but the cost will be high for potential casino operators.

Genting, Las Vegas Sands, or other interested operators would be required to:

Build in Dade or Broward
Spend $2 billion (NOT including property acquisition costs)
Buy out permits from existing pari-mutuel operators
Pay at least $175 million in taxes per year. Estimates are that casinos would bring in $500 million – meaning a 35% rate
90% of space at the resort must be devoted to non-gambling use … among many other requirements.

A companion bill in the Senate has yet to be filed.

Source: Republican Releases Bill That Would Allow Casino Resorts In Miami, With High Entry Barrier