MIAMI-Florida has been considering statewide casino gambling since January. The goal is to boost taxable revenue in a down economy—and it has a direct impact on new real estate development.

Florida Governor Rick Scott came out in opposition of a non-stop flashing green light on gambling in the Sunshine State, but the conservative seems more amenable to allowing poker tables and slot machines to fly.

Of course, Florida already has a statewide lottery, and the Seminole Tribe of Indians runs seven casinos and gambling sites in the state on reservation land. But that’s reservation land. Still, developers eyeing Florida seem to be tying mixed-use projects to a gambling element.

Gentig Group, the Malaysian-based developer behind the $3 billion Resorts World Miami, is one of the developers hoping Florida’s legislature gives gambling the nod. Gentig plans to include a casino in its massive mixed-use development, which already touts four hotels, two residential towers and plenty of retail and restaurant space.

Although statewide gambling is improbable, state legislators seem likely to loose restrictions on gambling in the state. Village at Gulfstream Park may have set the precedent. Gulfstream Park has long been home to world-class horse racing in Hallandale Beach. And Forest City Development continues to invest in its 60-acre master-planned lifestyle destination built around the premier thoroughbred racetrack.

Indeed, if the Village at Gulfstream is any measure, mixed-use developments that have a gambling component are filling a demand among visitors and residents in South Florida. The Village at Gulfstream Park is a 15-year project launched with 410,000 square feet of retail space—and gambling is at the heart of the mix. The center also includes more than 80,000 square feet of upper-level office space, and plans call for 1,500 residential units.

Resorts World Miami is like the Village at Gulfstream on South Beach steroids. And although it will rise from the dirt with or without a casino component, Gentig is pushing for gambling venues. The developer just purchased the $161 million note on the distressed Omni Center for $45 million and plans to transform it into stage one of Resorts World Miami, complete with casinos.

Should the Florida legislator approve more casinos to combat the down economy? Or would the Sunshine State dilute its family-oriented vacation reputation and become too much like Las Vegas, another of the hardest-hit home markets in the nation?

Instant Insights /

Could Casinos Become Key Driver of New Mixed-Use Mega Developments?

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