Citadel founder Ken Griffin says casinos are a lost idea for Florida
Ken Griffin, founder and co-chief investment officer of Citadel, believes Florida is on track and more casinos could derail the state's impressive economic development.
In a new editorial for the Miami Herald, Griffin, whose hedge fund is one of the largest in the world, told Florida lawmakers that new legislation to expand casino gambling is "a huge threat to our collective Threats to Prosperity”.
There are about 20 venues in the state, most of which are Hard Rock-branded hotels operated by the Seminole Tribe. Caesars Entertainment operates Harrah's Pompano and other casinos throughout South Florida.
As Griffin points out, Florida voters overwhelmingly approved a ballot initiative in 2018 that said expansion of casino gambling in the state must be approved by voters, not politicians. The billionaire said Senate Bill 1054 and House Bill 1127, currently before both chambers, are legislative stunts designed to "hide voters."
Griffin’s unique perspective
Although Griffin didn't mention it in the Herald article, he had an interesting perspective on the issue of some jurisdictions turning to casinos to create jobs and bolster state coffers.
Citadel has been based in Chicago for decades. But by 2022, Griffin decided to move the hedge fund to Miami after one of his employees was held at gunpoint on his way to the Windy City to buy coffee. Illinois, including Chicago, has increasingly turned to casinos to shore up the struggling finances of the state and some cities. Griffin did not support the move.
Many times, local casinos make the majority of their profits from residents with gambling problems. This leads to broken lives, broken families and increased crime in communities. ” he wrote in the Herald. “There are many indicators you can use to see the damage. For example, the opening of casinos causes home prices to drop in a neighborhood, according to the National Association of Realtors. "
Griffin is a longtime donor to Republican candidates, putting him at odds with policymakers in the deep-blue Illinois state. Crime and quality of life appear to be Citadel's motivations for moving to Florida. In the process, Illinois lost one of its largest taxpayers, as well as some high-paid Citadel employees who moved to Miami.
Florida’s lure for casinos
As the third largest state and one of the fastest growing, Florida is certainly attractive to casino operators.This is especially true in areas where companies can build new venues without conflict with the Seminoles.
Some gambling companies may be smart enough to consider other areas of Florida. However, there are ongoing attempts to bring casino resorts to the Miami area. For example, Jeffrey Soffer, owner of the Fontainebleau Hotel in Miami Beach, donated large sums of money to Florida Republicans even though it was widely known that Miami Beach residents did not want casinos.
This is where Griffin can flex his financial muscles. His wealth is estimated at $37.2 billion. Although he didn't mention anything about it, it's possible he's pledging to support Florida Gov. Ron DeSantis for the White House in 2028. That would happen if the governor refuses to expand casinos in the state. Those are still factors to be determined, but it's clear Griffin doesn't want a new venue in South Florida.
“Allowing casinos to harm Florida’s thriving communities and destroy families is like voluntarily dumping toxic waste in the Everglades,” he concluded in the Herald. “Casinos are a bad choice for South Florida .We must defeat this reckless legislation, defend our privacy rights as voters and protect Florida’s future.”
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Source: www.casino.org
