The “no” campaign led by Citizens for the Truth About Amendment 3 has attracted $500,000 from MGM and $250,000 from the legendary Fontainebleau Miami Beach, whose proprietor also owns the Big Easy. The effort also got $500,000 from an LLC tied to the Buccaneers and the same amount from South Florida Sod Farm, based out of the Hard Rock Stadium complex where the Dolphins play. The Fontainebleau didn’t respond to a request for comment.
Gambling proponents often point to the potential tax revenue, some of which inevitably goes to out-of-state gambling. Assuming a base tax rate and wide availability, Florida could make an estimated $114.4 million in annual tax revenue from legal sports gambling alone, according to a study conducted for the American Gaming Association.
One company that’s seemingly stayed on the sidelines, at least judging by campaign finance disclosures, was Kuala Lumpur-based Genting Group. Genting has been assembling about $1 billion in real estate in downtown Miami since 2011, hoping to build a sprawling casino complex on the waterfront site of the old and since-demolished Miami Herald building. Genting spokesman Michael Levoff declined to comment for this story, and the firm’s name was absent from the campaign disclosures for Citizens for the Truth About Amendment 3.
But both sides agree a lot is at stake, and it’s unlikely anyone will give up after Nov. 6.
“If this thing passes,” Adkins said, “there’s going to be litigation just continuing on forever."
This article was provided by Bloomberg News.