Study: Revenues from Miami casinos could eclipse Las Vegas

The mayor of Miami isn’t too keen on the notion that his city could become the next Las Vegas.

Malaysian-based Genting Group, which wants to develop hotel-casino resorts on a site in Miami, said in an economic study it commissioned that three 5,200-room properties could generate as much as $6 billion a year in gaming revenue.

As a comparison, Strip casinos generated more than $5.7 billion in gaming revenues in 2010.

The figure left Miami Mayor Tomas Regalado reconsidering his support for Resorts World Miami. Genting paid $236 million earlier this year for a waterfront site to house its project.

"I believe that your proposed project may be one of the best things that ever happened to our community, or the worst,'' Regalado said in a letter to Genting officials. "It is too early in its planning to tell."

Florida lawmakers are considering legislation to allow casino development in south Florida. It’s unclear if the proposals will pass or fail. MGM Resorts International, Las Vegas Sands Corp. and Wynn Resorts Ltd., are exploring the potential for casino projects.

Spectrum Gaming Group prepared the economic study. A one-page letter by Spectrum that was released by Genting stated three casinos would generate between $4.5 billion and $6 billion in casino winnings a year.

The letter does not make the Strip comparison, but Spectrum managing director Michael Pollock said it's reasonable to imagine South Florida eclipsing Las Vegas.

"You've certainly got the population,'' Pollock said told the Florida Sun-Sentinel. "You've got the tourism infrastructure. You've got access to multiple markets, many of which are untapped by gaming, such as Latin America."