Florida Law Makers Killed New Gambling Bill

Florida lawmakers have killed a new gambling bill that if approved would have turned the southern part of the sunshine state into a gambling Mecca. It would have resulted in the building of 3 super casino resorts and providing the state with a much needed cash injection and new jobs creation.

The bill passed its first legislative hurdle back in January but, as we reported then, had a long road ahead before final approval and implementation. Now the bill has been pulled out from the subcommittee that was due to vote on it.

As Florida has an annual legislative window of 60 days in each year and this legislative period for 2012 ends in early March so the chances of this bill passing this year is pretty much lost. Florida does hold special legislative sessions during the summer but the chances of this bill being resurrected in time for that are slim.

According to Barry Johnson, president of the Greater Miami Chamber of Commerce, which has strongly supported the new gambling bill, said “I think we’re looking at next year,” but also advised the supporters of the bill may be able to force the bill as a constitutional amendment to the constitution of Florida.

The new gambling bill would have guaranteed that each of the licensed operators would have had to pay a one-off licensing fee of $50 million and an annual renewal fee of $2 million. In addition each operator would have had to commit to investing a minimum of $2 billion in building their hotel and casino resorts. If or when the bill is finally approved it will give Florida the economic boost it so desperately needs.

The company that seems to be the most disappointed is Malaysia-based Genting Group. The company spent over $400 million in acquiring land for their new casino resort. It also spent $238 million to purchase a new headquarters location in Miami. The company planned to invest $3.8 billion in building its new resort and will now need to delay or completely scrap their plans, taking in a big loss in the process.