Seminole Hard Rock Reports High Profits Despite the Shaky Gambling Industry in Florida

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gamblingwithflorida6003902The Seminole Hard Rock group has reported a record revenue this fiscal year. The revenue of $528 million is estimated to be as much as all the State’s other eight racinos’ one combined.

The most profitable of the Seminole Hard Rock Group was the Tampa Hard Rock resort with close to half of the total revenue. The Seminole group’s overall state profit is estimated to $2 billion. The state takes $240 million of them in taxes.

The group is to renew its license with the state which is to be part of the upcoming gubernatorial campaign.

Despite the astounding success of the Simone Group, the overall profits from the gambling industry in Florida State have been declining. Experts say this is mostly due to the wide variety of interrelated pari-mutuels gambling businesses with card rooms. There are overall 24 cardrooms in the State, and most of them are connected with other gambling entertainments, a tradition from decades ago.

Thoroughbred revenue declined by 2% compared to last year’s one. Greyhounds racino has also reported a decrease of 2.5%. Its management has been eager to separate its profitable gambling section from its racetrack business. The racetrack sector has been holding steady throughout the State, with a minor decline as a whole.

Other pari-mutual businesses such as frontons, card rooms and quarter-horse racing make up a small portion of the gambling industry and also report a steady decline. Pompano, a major gambling resort in Florida, has reported a slow 10% decline in their racing numbers.

On the other hand, the poker rooms have reported much better standings. Compared to the last fiscal year, there is a steady increase of $3.5 million, which is mostly due to the newly renovated Haileah poker hall. Greyhound poker halls has kept the same financial statistics as last year.

The bond between card rooms and dog tracks have kept dog tracks alive until now, however the now common decline in profits might finally become the reason for many of the dog tracks closing, leaving card gambling to earn better profits on its own.

The card rooms in Jai Alai reported a slight decrease. This is mostly due to the transfer of Diana card room to its new location, which unfortunately did not last long and is now closed. Other operators such as Ocala and Ft. Pierce have been drawn back by their non-card room businesses despite having positive revenues.

It is clear that the gaming reality of Florida’s gambling industry is complex. Most licensees are hoping on a new legislation to invigorate the industry e.g. slot machines acceptance. The business is well aware of the slowly dying pari-mutuel sector, and expect the card room and possible slot machine sectors to keep them profitable.

The future of Florida’s gambling business is at stake, when Disney, which is an advocate of ‘no-gambling’ has provided $1.7 million compared to the overall gambling businesses’ $3.4 million to propagate anti-gambling.

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