Non-tribal casinos set revenue record
Revenues flowed at record levels into Florida’s non-tribal casinos’ coffers last year with $569 million collected from gamblers, an industry trade group said Tuesday.
The money represented a 4.1 percent increase over 2017, and marked the ninth consecutive year on the upside, said the American Gaming Association of Washington, D.C. , in an annual survey. Nationally, the figure hit $41.7 billion, also a record.
Florida’s state tax collectors went along for the ride, taking in $199.2 million in 2018, also a 4 percent boost. The commercial casinos are taxed at 35 percent of electronic gaming device revenue.
By state law, all tax revenue from commercial casinos flows into the Educational Enhancement Trust Fund. It was established in 1986 to funnel money from the then-newly created Florida Lottery to state school districts, public colleges and universities. Additional sums are used to provide financial aid to Florida students.
The association’s survey, dubbed “State of the States 2019,” does not reflect tribal casinos, which report later in the year to federal agencies. It also does not include money from racetracks and cruise lines. The data was culled from state regulators.
David Forman, the association’s senior director of research, said part of Florida’s year-over-year growth was attributable to South Florida casinos recovering from damage caused by Hurricane Irma in 2017.
The Mardi Gras Casino in Hallandale Beach, for example, suffered significant damage that year and was out of action for more than two months. It reopened as the Big Easy Casino.
The federal tax cut and general strength of the national and local economies also helped lift the numbers, he said.
In some places, business is so good that operators are expanding their properties. For South Florida, the most notable non-tribal expansion project is at Isle Casino Racing Pompano Park, whose owner, Eldorado of Reno, Nev., is teaming with The Cordish Companies to transform the harness racing and casino venue into a “must-see mixed-use entertainment and hospitality destination,” according to the company’s first quarter earnings report.
Earlier this month, the Broward County Commission voted to approve key zoning changes to allow the project to go forward.