Mirroring trends throughout the U.S., business at South Florida casinos has been stagnant. But a strong economy has given people money to spend and as a result, “We’ll continue to see growth,” said Daniel Holmes, co-practice leader for RubinBrown’s Gaming Services Group in St. Louis.
Holmes said although gaming industry revenues did not keep up with the overall economy in 2016, gaming revenue increased nearly 1 percent because, “When the economy does well, gaming does well,” he said.
Also, Holmes added, internet gambling and other new revenue sources are about to take off. For example, a recent earnings report from Paddy Power Betfair said the internet was causing a “transformational” growth in sales.
That helped the gambling industry in New Jersey to begin bouncing back. “When you factor in online gaming, New Jersey actually had a revenue increase in 2016, for the first time in 10 years. That is huge in my mind, as well as for those properties operating there,” Holmes noted.
South Florida’s eight racetrack casinos average a total of $40-$50 million per month through slots; that number climbs during winter. Poker revenues are about one-tenth of that figure. The Seminole Tribe of Florida and the Miccosukees operate four South Florida casinos and do not reveal their numbers since they are not required to pay a 35 percent slot tax like the parimutuels.
