Friday, April 5, 2019
It's been quite a while since we assessed the success (or lack of it) for the eight south Florida pari-mutuel racinos. It turns out there has been a significant shift in the business in the interim.
While Pompano Park, doing racino business as the Isle Casino & Racing, had been doing the most business for years, that honor now has shifted over to Flagler Dog Track (Magic City Casino). From the beginning of the fiscal year on July 1, through the last day of February, Magic City had 'credits in' of $1,036,288,605. For those who have trouble deciphering numbers that high, that's more than $1 billion. Isle Casino's 'credits in' reached $922,702,238.
However, due to a huge difference in takeout, Isle Casino's net slot revenue remains the best. The trotters have the highest takeout of the eight entities - 9.85 percent - thus, the net revenue is $80,821,581, less the state's share of more than $28.2 million. Magic City's takeout is 6.53 percent, second lowest among the group, and the revenue is $63,441,076, less the state's $22.2 million. Anyone who dismisses the effect of the takeout must hate money.
Here are the remaining credits in, percentage of takeout, net slot revenue and state tax for the other six entities. They are listed in order of their 'credits in.'
3 - Hialeah Park - $904,254,492; 6.50%; $53,409,765; $18,693;418.
4 - Calder Casino & Race Course - $900,770,411; 8.71%; $59,156,719; $20,704,852.
5 - Miami Jai Alai - $640,131,496; 7.64%; $43,369,105; $15,179,187.
6 - Gulfstream Park - $493,105,474; 7.88%; $31,904,874; $11,166,706.
7 - The Casino at Dania Beach - $386,137,193; 7.28%; $20,889,905; $7,311,467.
8 - Big Easy Casino (formerly Hollywood Dog Track) - $254,854,137; 8.60%; $19,387,376; $6,789,082.
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