After a two-month and revamped pitch for what is being called the largest casino deal in state history, the Florida Gaming Control commission gave conditional approval to the sale of the gaming permit from Magic City Casino in Miami to an Alabama-based Native American Tribe.
The decision will allow Miami’s Havenick Family and its West Flagler Associates Company to complete a multimillion-dollar sale of its casino to PCI Gaming Authority, owned by the Poarch Band of Creek Indians, to operate slot machines, poker and electronic casino games in Miami.
A purchase price was not disclosed immediately, but attorney John Lockwood, who represents both West Flagler Associates & PCI Gaming, told the commission that it will be a cash deal. Industry’s estimates are that the deal is valued at about $600M.
In 2019, PCI Gaming Authority acquired the Sands Casino Resort in Bethlehem, Penn., for an estimated $1.3B.
It will be the first change in ownership of the Miami casino, located at 450 NW 37th Ave., Miami, Fl. Long known as the Flagler Dog Track, it has been in the Havenick family for generations. The new owners have ambitious plans, said Jay Dorris, president and CEO of Wind Creek Hospitality, a subsidiary of PCI Gaming that will oversee the development project.
The now-shuttered dog track and its 30 acres of property could be home to a luxury resort adjacent to the casino, like the company’s properties in the Caribbean, and include the addition of shopping centers and “experienced-oriented attractions,” Dorris said in an interview.
Finally, on Feb. 28, 2023 the sale closed for a whopping $96M!