The Florida Gaming Control Commission unanimously gave conditional approval to the sale of the gambling permit from the Havenick family’s Magic City Casino in Miami to PCI Gaming Authority, owned by the Alabama-based Poarch Band of Creek Indians. A purchase price was not disclosed, but attorney John Lockwood, representing both sides in the transaction, said it will be a cash deal, which industry insiders speculate is worth $600 million.
The purchase includes all “house cash,” all inventory, all contracts, permits and licenses, all vehicles and trailers. Documents also indicate PCI Gaming Authority will borrow funds to use for future capital improvements.
Lockwood said, “We’re very pleased that the commission made their conditional approval. We’ll get the deal closed, and we’re going to be very transparent and provide them with whatever info they need.” He called the purchase “a fantastic opportunity” to expand on a “successful business” and intends to “improve the property and make additional investments.”
The commission ordered the parties to close the deal within 30 days and submit all details to the commission for final approval. Commission General Counsel Ross Marshman said, “If it happens as described, it can be approved. But we have to actually see evidence that what was described actually took place.”
The only opposition to the agreement came from the Seminole Tribe. Its attorney Marc Dunbar told commissioners, “This is the most expensive gaming transaction, if you believe industry rumors, in Florida’s history. And so, I would encourage you to proceed with diligence. The Seminole Tribe is not opposed to West Flagler selling its permit or any slot machine licensee selling its permit. It’s just making sure it complies with the statutes.”
PCI Gaming President and Chief Executive Officer James Dorris said all Magic City employees would be retained in the immediate future, except for some senior executives who will remain with West Flagler Associates. That company will continue to operate summer jai-alai and poker in a future operation near Miami’s Edgewater neighborhood and the Bonita Springs Poker Room near Fort Myers.
The Poarch tribe operates 10 gambling properties across the U.S. and Caribbean. In 2019, PCI Gaming Authority acquired the Sands Casino Resort in Bethlehem, Pennsylvania, for an estimated $1.3 billion.
