Re(4): Question of the Week #290 - Which event will happen first?
Posted on March 13, 2009 at 07:39:54 PM by Bennett

At Dania it all depends on Boyd. They've gotten rid of a lot of people with jai-alai backgrounds, so that potentially makes Dania more likely to close first. But I think what is more likely is Dania scales way back on number of performances, possibly down to the 150 minimum to have slots. Really there is no reason for them to do any less, especially since they may be looking to sell the fronton. Any buyer would want to know that the facility has been in compliance with the rules to add slots. Or Boyd themselves could be a takeover target. Or they could install slots themselves but seems unlikely without a lowering of the tax rate. Also Boyd has other, bigger projects on hold - Dania is down a ways on their list of priorities. And since they have higher standards than FGMG, Boyd will probably not install slots first. Rather they will wait until they are ready to build a first class facility, or at least significantly remodel.

Miami and FGMG are basically sham companies that exist to benefit the Colletts. As long as they can work the books and create some income, tax breaks, and funnel monies to their other companies in a complicated maze - then Miami will probably keep going. They do not have the money or means to get the money to do a big redo and add slots. But they could partner with someone to add slots to the existing dump and share revenues. Since they are a low class company they do not have the higher standards of a real public gaming company like Boyd.

FGMG/Miami is likely to get slots sooner, Boyd/Dania is more likely to have a place they can be proud of.

Neither will close completely as long as the possibility of slots is on the table. At a minimum we will see each run 150 performances.