Florida’s Gaming Control Commission has approved the transfer of the gaming license held by Miami’s Magic Casino to the Poarch Creek Band of Mission Indians. That paves the way for the Alabama-based tribe to buy the casino from owner West Flagler Associates (WFA) in what will likely be the biggest casino acquisition in Florida history.
The purchase price has not been disclosed publicly. But industry insiders estimate $600 million.
Florida has bigger casinos than Magic City, a card room and a pari-mutuel venue, albeit one of the few that are permitted to offer slots, hence the price tag.
But the state’s sprawling Hard Rock-branded casino resorts are all owned by the Seminole Tribe of Florida, which couldn’t sell them to another operator even if they wanted to. They exist because of gaming rights afforded to the Seminoles on their sovereign land, which are non-transferable.
The purchase price has not been disclosed publicly. But industry insiders estimate $600 million.
Florida has bigger casinos than Magic City, a card room and a pari-mutuel venue, albeit one of the few that are permitted to offer slots, hence the price tag.
But the state’s sprawling Hard Rock-branded casino resorts are all owned by the Seminole Tribe of Florida, which couldn’t sell them to another operator even if they wanted to. They exist because of gaming rights afforded to the Seminoles on their sovereign land, which are non-transferable.