The Magic City Casino purchase has finally been finalized by the Poarch Band of Creek Indians Gaming Authority.
Reportedly, the deal which featured a sale price of $96 million was closed earlier this week. According to reports, despite the value listed by the parties, local market experts have estimated that the takeover is more likely to be worth approximately $600 million. The property, which was recently acquired by the Poarch Band of Creek Indians, has an operating permit to offer electronic casino games, poker and slot machines in Miami.
PCI Gaming Authority was the one who officially took over the Magic City Casino from the Havenick family, which has been the owner of the place since the 1950s.
The 305,624-square-foot casino is situated on 30 acres and includes a now-shuttered dog racing track. As revealed by Wind Creek Hospitality, which is a subsidiary of PCI Gaming Authority, it is willing to redevelop the place into a luxury resort adjacent to the planned casino. These plans have been confirmed by Jay Dorris, CEO and President of Wind Creek Hospitality.
The redevelopment is also likely to feature a shopping mall and adult-oriented attractions, as explained by Mr. Dorris, who refused to provide more specific information on the project. Wind Creek Hospitality’s representatives also refused to comment on the matter.
PCI Gaming Authority Already Operating Two Casinos in Alabama
Currently, PCI Gaming Authority owns two casino venues in the state of Alabama, as well as gambling resorts situated in Curacao and Aruba. The company also holds an operating permit for greyhound and card room services in Pensacola, as well as a poker room and a barrel-racing operation in Gretha.
Magic City Casino is not the first purchase for the company. In 2019, it took over the Sands Casino Resort in a deal estimated at $1.3 billion. Last month, the sale of Miami’s gambling operating permit to the Poarch Band of Creek Indians was officially approved by the newly-formed Florida Gaming Control Commission. The regulatory body, which started operation only recently, ordered that the deal needed to be finalized within the next 30 days. This, eventually, happened at the beginning of March, putting an end to the Havenick’s holding in the entity, which was once known as Flagler Dog Track.
In 2004, the state of Florida gave the green light to so-called parimutuel sites, including the former Flagler Dog Track, to use their permits and start offering some card games and slot machines. More than 800 slot machines were featured by the property which was also renamed Magic City Casino in 2020, putting an end to hosting dog races. As part of its development in the last few years, the casino property added jai alai matches, offering its customers more gambling options.
Back in 2021, the Havenicks Family and the city of Miami reached a settlement on a federal lawsuit that challenged a resolution under which Edgewater-based facilities were banned. The piece of legislation was revoked by the City Commission, as long as the Havenick family pledged not to place slot machines in the proposed parimutuel and poker location.