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Obama-Castro Handshake May Signal Expanded Gambling in South Florida

Obama-Castro Handshake May Signal Expanded Gambling in South Florida

Many were shocked last month to see President Barak Obama shake the hand of Cuba’s President Raul Castro. However, there is a chance that it may be extremely beneficial for gamblers in South Florida.

Obama-Castro Handshake May Signal Expanded Gambling in South Florida

As relations appear to thaw between the US and Cuba, there is speculation that it could lead to expanded casino-resorts in the South Florida area.

At present there is a huge interest in expanding gambling in the Miami area. The state Senate Committee on Gaming has begun debating whether resort-style gambling should be allowed in the region. Furthermore, Boyd Gaming Group is interested in building a casino by the home of the NHL’s Florida Panthers.
Additionally Wynn Resorts and MGM Resorts International are also interested in expanding their operations into South Florida.
It is possible that the companies are predicting an end to the US embargo with Cuba. Since 2011 Obama has twice eased travel restrictions to Cuba and there are more airlines adding direct flights all the time.

Gambling law expert I. Nelson Rose recently wrote that “a free Cuba will quickly allow casinos to reopen, in high-quality hotels designed for, and possibly even limited to, tourists.”

If relations between the two countries continue to thaw, then gambling companies located in South Florida would be well positioned to benefit with Havana a mere 230 miles away.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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