PCI Gaming Authority’s purchase of the Magic City Casino has closed. A deed recorded Monday in Miami-Dade County lists the sale price as $96 million, though experts have estimated the full value of the deal to be closer to $600 million, as reported by the Miami Herald

The property includes a license to operate slot machines, poker and electronic casino games in Miami. PCI, owned by the Alabama-based Poarch Band of Creek Indians, purchased the property from the Havenick family, which has owned the site since the 1950s. 

The 305,624-square-foot casino is located southeast of Miami International Airport at 450 NW 37th Avenue, across the street from where Terra is currently redeveloping a strip mall and parking lot into a mixed-use development. 

The casino property sits on 30 acres. Wind Creek Hospitality, a subsidiary of PCI, plans to redevelop the site into a luxury resort adjacent to the casino, according to the aforementioned source. 

Wind Creek President and CEO Jay Dorris explained that the redevelopment would likely feature a shopping mall and “experience-oriented attractions.” 

PCI owns two casinos in Alabama and gambling resorts in Aruba and Curacao, as well as a greyhound permit and a card room in Pensacola and a barrel-racing operation and poker room in Gretna. In 2019, the company bought the Sands Casino Resort in Bethlehem, Pennsylvania for $1.3 billion

In February, the newly formed Florida Gaming Control Commission approved the sale of the Miami gambling permit to PCI, ordering the deal to close within the next 30 days. 

Original article: https://www.yogonet.com/international/news/2023/03/01/66274-poarch-tribe-completes-miami-39s-magic-city-casino-purchase

LEAVE A REPLY

Please enter your comment!
Please enter your name here