Saturday, May 28, 2016
The state's pari-mutuel fiscal year ends on June 30, and it appears that the eight South Florida casinos will enjoy a record-breaking year. Not by much, but still the best year since Gulfstream ushered in the era of "racinos" on Nov. 15 of 2006.
The previous record denoting how many nickels, dimes, quarters and dollars were dropped into the machines, was more than $7.9 billion in 2014-2015. Through May 8, the last date available emanating from Tallahassee, the play has reached more than $7 billion, but there are 53 days of play remaining, and the figure should easily top $8 billion. This Memorial Day weekend will be a big boon.
The net revenue record from last year for all the casinos combined was more than $521 million, with the state getting its 35 percent, or $182 million-plus. Both numbers appear to be on the verge of being surpassed, too.
The numbers for this year have been buoyed somewhat by the re-opening of Dania Jai Alai, which had been closed for renovations for quite a while. But Dania's figures since its return in January have been quite disappointing. When the think-tankers were doing their thinking and tanking prior to the casino boom, they estimated that each machine would generate income of $300 a day. The only two places that have come close are Flagler dogs ($284) and Pompano Park ($273), with Hialeah at $216. Dania is running at a paltry $78 a day.
Gulfstream Park and Hollywood dogs are still locked in battle for the slots money around Hollywood, Hallandale Beach, Golden Isles and the environs, with their being three minutes apart hurting both. Gulfstream's net revenue thus far is more than $41.8 million, Hollywood's is $40.7 million.
The two "experts" in pari-mutuel affairs who forecast the demise of thoroughbred racing in the Tampa Bay Times in January, also wrote that nobody is talking about it, "but slots are declining, too." The facts bury this erroneous theory, especially with the record-breaking performance at New York's casino at Aqueduct, which handled more than $20.4 billion in its last fiscal period.
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