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Miami beach real estate news
Billionaire hedge funder Ken Griffin opposes Florida bill that could pave the way for a casino at Jeff Soffer’s new resort.
The Core of the Opposition
In a recent Miami Herald letter titled “Casinos are a bad bet for Florida,” Ken Griffin, a major Republican party donor and South Florida real estate investor, expressed his concerns about the potential negative impacts of gambling expansion in the state. Griffin's argument is backed by "measurable research," which he claims proves that casinos can lead to gambling addiction, higher crime rates, and drops in property values. This stance is particularly noteworthy given Griffin's significant influence and investments in the South Florida area.
The Legislation in Question
Griffin's opposition targets Senate Bill 1054 and House Bill 1127. These bills would allow gambling permit holders to transfer their licenses to a property within 30 miles, a move that could directly benefit Jeff Soffer, who has been seeking state approval to move his gambling license from the Big Easy Casino in Hallandale Beach to his Fontainebleau Miami Beach resort.
Political Contributions and Lobbying
Jeff Soffer, through his Aventura-based Fontainebleau Development, has reportedly contributed $300,000 to the Republican Party of Florida and political action committees supporting state lawmakers. This includes a $15,000 donation to Principled Moral Conservatism, a PAC chaired by state representative Alex Rizo, who is sponsoring the House bill.
The Wider Impact on Miami
Griffin's letter, while not directly mentioning Soffer, Fontainebleau resort, or Miami Beach, discusses the broader effects of gambling on the "thriving state" of Florida. He points out that the bills contradict a 2018 constitutional amendment that gives voters the right to approve casino expansion. Griffin equates the potential negative impacts of allowing casinos to "willingly dumping toxic waste into the Everglades."
Miami Beach's Stance
It's important to note that Miami Beach city officials and residents have also expressed opposition to a casino, with voters approving a measure in 2017 that banned gambling in the city.
Griffin's Influence in Miami
Ken Griffin has been a prominent figure in South Florida's real estate scene, especially after the pandemic. In 2022, he moved his Citadel and Citadel Securities’ headquarters from Chicago to Miami and has invested heavily in the area, including a record $363 million purchase for a site in Brickell and a $106.7 million acquisition of Adrienne Arsht’s estate in Coconut Grove.
Conclusion
As a real estate expert deeply rooted in Miami, I understand the importance of such developments and their potential impact on our community and market. Whether you're a resident, investor, or simply interested in the evolving landscape of Miami, it's crucial to stay informed about these significant issues.
If you have any questions or thoughts about this topic or the Miami real estate market in general, feel free to text me. I'm here to provide insights and guidance tailored to your needs. Stay tuned for more updates and analysis on Miami's dynamic real estate and business environment. Remember, I'm just a text away for all your real estate inquiries!