On September 1st, 2007, the state of Florida's economy may be stagnant but profits coming from poker rooms are improving. The total amount of cash coming from eighteen state regulated poker room improved 60% from June to July, growing to an historic $7.7 million.
With Florida's 10% taxes for the state poker rooms, the new poker regulations could produce an additional $3 million if the revenues stay the same. The legislators that will gather to Tallahassee for a special session on September 18th, 2007 to discuss the budget cuts will be sure to notice the phenomenal results from the poker rooms since the new poker law allowed for increased wagering limits and 24-hours, seven days a week poker room openings.
The new rules also increased the wagering limits in some casino games from $2 to $5 and allowed a $100 buy-in for Texas Holdem games. The state's pari-mutuels are also no longer required to close for business during the days provided they do not have live horse races or jai-alai games.
While the renewed interest in poker has greatly helped pari-mutuel establishments in the state, the results from Broward's three racing track casinos account for a minimal percentage of their business when compared to the results of the slot machines.
The slot machines produced $18.5 million in total profits in July with about half the cash allotted for education. Poker profits from four poker rooms in Broward County improved from $776,000 in June to $1.33 million in July.
The poker profits from the Broward County's horse racing tracks more than doubled for the month while the Palm Beach Kennel Club located in West Palm Beach became the 1st ever poker room to produce $1 million in one month.
The Palm Beach Kennel Club put an additional 20 poker tables in July to accommodate the growing demand, making it the biggest poker card room on the East Coast outside of Atlantic City, according to the poker room's director, Noah Carbone.
The poker room can accommodate up to 600 players. The state legislature has been trying to find ways to reduce the $71 billion annual budget of about $1.1 billion because of the profit cuts that are blamed from the housing problems in the state.
September 19, 2007