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Aug 23, 2018  

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Florida Legislature revives talks on gaming, slot machines | Miami Herald

But it would allow parimutuels in counties such as St. Lucie, where Senate President Joe Negron, R-Stuart, has said he wants to honor the voters’ decision. ▪ The new casinos must generate at least $40 million a year in annual slot machine taxes and fees. The House had spent all session resisting expanding the availability of slot machines until Thursday. Its gambling bill, (HB 223) , authorizes the agreement the tribe made with the governor in 2016 that allows the tribe to add craps and roulette at its Hard Rock casinos in Tampa and Hollywood and its five other casinos around the state, in exchange for millions in additional annual payments to the state — up from about $250 million now.

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Sullivan casino owner reports $37M quarterly loss

Opened in 1958, the racino features video gaming machines and harness racing. It has been a major money-loser over the past decade. In the second quarter of 2017, when Empire Resorts operated only the racino, it recorded $13 million in operating losses and interest expenses. Malaysian-Chinese casino magnate K.T. Lim, whose family trust has accumulated 88 percent ownership of Empire Resorts since rescuing the company in 2009, agreed to keep the racino open in a 2014 state casino application. That trust, Kien Huat Realty, loaned the company $30 million in June. New figures released Friday by the state Gaming Commission show Empire Resorts’ gaming revenue remained well below company projections in July. The casino earned $111 per slot machine per day, and $1,192 per table game per day in July. The company's goals were more than $200 per day per slot machine, and more than $1,500 per table game. The casino’s viability is questionable if it earns less than $200 daily per slot machine and below $1,200 daily per table, gaming experts have told the Record.

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