The highly anticipated Florida "destination casino" bill has been released. HB 487 "Gaming" by Rep. Erik Fresen (R-Miami) would authorize three (3) large "destination resorts" in Broward and Miami-Dade Counties that would permit full-fledge casino gaming. An identical Senate companion bill by Sen. Ellyn Bogdanoff (R-Ft. Lauderdale) is expected to be released soon. Synopsis of the Legislation In submitting a bid to be awarded one of the three "destination resorts with a limited gaming facility", a company must:
• submit a one-time licensing fee of $50 million (refundable only if the state denies the application) commit to invest at least $2 billion each in the "destination resort' complexes
• must segregate the casino gaming area away from the main resort or convention-area complex so that a visitor can attend the resort without seeing or entering the gaming areas
• limit the casino gaming space to no more than 10% of the total square footage of the resort facility
"Limited Gaming" is broadly defined as any game of chance that is authorized by the Commission, and includes but is not limited to baccarat, twenty-one (blackjack), poker, craps, slot machines, video gaming of chance, roulette, etc...
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