Monday, October 2, 2023
It's been quite a while since we included an update on the success (or failure) of Florida's gambling spots, so here goes. Today's edition includes the eight venues that feature slot machines.
The amount of cash that flows through the machines at each venue is known as "credits in." The amount of cash that the entity earns is known as "net slot revenue," but that is countered by the onerous 35 percent tax levied by the state of Florida for the privilege of operating the machines, despite the fact that the state does little to earn its share.
Each entity decides how much to pay out, so the differences in the earnings of the eight vary greatly because of the amount of their "payout percentage." Each venue's payout percentage will be listed in its paragraph.
The Florida fiscal year begins July 1 and ends June 30. The state is always way behind in its auditing process and currently only has statistics up to date from July 1 to July 31.
The number 1 venue based strictly on "credits in" is called Gretna Racing, DBA as Magic City Casino. In reality it is the old Flagler dog track. For the month of July, $161,943,026 was sent through went the machines and it resulted in "net slot revenue" of $9,918,306. It's the best option for the players because it has the best payout percentage of 93.40; its 35 percent tax came to $3,471,407.
The number 2 venue for credits in is The Isle Casino & Racing at Pompano Park, which was the leader in that category for many years before dropping to No. 2. It handled $129,537,791 in July and slot revenue reached $10,759,864, with taxes of $3,765,95. It's blitz of Flagler in the net revenue department was due strictly due to its payout percentage of 90.63, easily highest takeout of the group.
The number 3 credits in figure goes to Casino Miami, the old Miami Jai Alai Fronton, with $126,138,666, revenue of $7,881,157, fifth best of the eight. Takeout of 91.99 percent. Taxes - $2,758,405.
Number 4 of credits in is Hialeah Park Casino with $125,485,404 and revenue of $8,971,854, third best money-maker. Taxes of $3,140,409 and takeout of 92.21 percent.
The old Calder Race Course is No. 5 with credits in of $117,106,375 and revenue of $8,138,699, fourth best money-maker. Calder has the advantage of being pretty far south of Hialeah, and a little north of the cluster around Hallandale Beach. Taxes are $2,848,544 and its takeout is 91.03 percent.
Gulfstream Park holds down the No. 6 spot with credits in of $80,399177 and revenue of $4,794,890. It's in a bad spot with Hollywood dogs two minutes to the north, and the Hard Rock Cafe not far to the west. Taxes are $1,678,211, percentager rate is 91.82.
Seventh in credits in with $70,405,401 and revenue of $3,760,087 is the Casino at Dania Beach, formerly Dania Jai Alai. In the center of a circle of Pompano, Hard Rock, Hollywood and Gulfstream, credits in of $70,405,401, revenue of $3,760,087, taxes $1,316,031.
Big Easy Casino, the old Hollywood dog track, is in a worse position than Gulfstream with the horse track right down the road to the south, Hard Rock to the west and Dania Jai Alai not too far north. Plus, when it first opened, the track was in poor physical shape, lost a lot of business because of it, and even though much has been renovated, it's possible many of the former non-attendees never decided to try it. Credits in is $55,751,685, revenue of $3,102,398, taxes $1,085,839, takeout 92.29 percent.
comments powered by