So the Hallandale Beach City Commission votes Wednesday on whether to approve a condo project at Gulfstream Park Racing and Casino. I don't really see any reason why it won't be approved.
It's interesting on the gambling front because Gulfstream is the first of eight pari-mutuels in South Florida to go for the live-nearby-and-gamble concept. Granted, they also have a mall and other amenities, but this is the first step in the grand plan at Gulfstream.
Most of the other pari-mutuels have expressed reluctance because of a 35 percent tax on their slot revenues, which they say puts them at a competitive disadvantage with the Seminole Tribe casinos, which pay about 12 percent. So the pari-mutuels have continually lobbied the Florida legislature for a lower tax rate.
Gulfstream also recently worked out an agreement with Calder Casino and Race Course to obtain more racing dates – increasing customer traffic on the property.
The move comes even though Gulfstream is far from Broward County’s most profitable casino. Although the Seminoles don’t release their revenue figures, their casino in Coconut Creek and their two in Hollywood all make at least twice what Gulfstream does, experts say. And state revenue figures show even Mardi Gras Casino about a mile to the north in Hallandale Beach being more profitable since July 2013. Mardi Gras has collected $46.5 million in slots in the past 11 months, compared to $43.8 million for Gulfstream Park. The Isle Casino and Racing in Pompano Beach, meanwhile, has $121 million in revenues.