In just hours, Miami Jai-Alai will publicly unveil the new Las Vegas-style slot machines, which prompted the company's name and logo change to Casino Miami Jai-Alai.
Miami-Dade voters made the new slots a reality when they voted to allow slot machines at three existing pari-mutuel facilities to include Miami Jai-Alai in 2008.
At $15,000 to $20,000 a pop, a Casino Miami Jai-Alai spokesman said the 1,050 machines were a major investment. The slots are located to the right of the Jai-Alai court situated in a historic building along 37th Avenue in Miami.
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You can see one from the other, explained former Jai-Alai player J.J. Goicoechea. Goicoechea played for 21 years for World Jai-Alai, 19 of which were spent with Miami Jai-Alai. The first time he picked up a bucket was when he was 6 years old, and he quickly fell in love with the "fastest ballgame in the world."
Goicoechea is currently working as a business development manager for US Security. The company offers security services for residential and commercial properties like condominiums.
He's passionate about Jai-Alai's survival and believes the new slots may save it. It's the irony of history. He believes expansion of gambling by Native American tribes, like the Seminoles, are what hurt the sport, but he now thinks adding Las Vegas-style casino slot machines are what will bring people back and give Jai-Alai another look.
He does worry about a bill state lawmakers are considering that would allow for so-called mega-casinos or destination resort casinos, such as Malaysian-based Genting's plan for downtown Miami. He believes competition to that degree could end Jai-Alai forever.
The iconic building is owned by the Florida Gaming Corp. Many of Goicoechea's points were echoed in the company's November filing with the Securities and Exchange commission.
Authors of the filing expressed a deep concern over possible competition from proposed new mega-casinos when they wrote, "Further expansion of gaming opportunities not related to the pari-mutuel industry could also significantly and adversely affect the Company's business. In particular, the expansion of casino gaming in Miami-Dade and Broward Counties which is near the geographic areas from which the Company attracts or expects to attract a significant number of its customers could have a material adverse effect on the Company's business."
The filing also states that Casino Miami Jai-Alai is also facing competition from the other two pari-mutuels that also secured the right to add slot machines following the 2008 vote. Those pari-mutuels are Flagler Sports and Entertainment Center dog track and Calder Race Course.
Attendance has been down for years as competition has gotten more intense.
The filing states last quarter's revenue from the same time period the year before is down 13 percent.
While some of that may be due to a closed card room due to construction and no live Jai-Alai for the month of September, it is still clear the pari-mutuel has been struggling.
In a news release, the Florida Gaming Corp.'s CEO William Bennett Collett Jr said, "We are very excited to open Casino Miami Jai-Alai’s doors to the public so they can finally experience the wonderful expansion that our venue offers."
Despite the stated $87 million investment, the facade of the 1920s building has not been painted. The aging sign, old logo and long streams of mildew stains remain.
Local 10's Christina Vazquez checked on the status of the companion bills that would allow three so-called destination resort casinos, two in Miami-Dade County and one in Broward County.
Right now, they are making their way through committee. The Senate version, sponsored by Fort Lauderdale Republican Sen. Ellyn Bogdanoff, is SB 710. SB 710 already passed a first reading in the Senate Regulated Industries Committee. Up next is the Senate Committee on Rules. At last check, it hasn't been added to the agenda. The House version, HB487, was sponsored by Miami Rep. Erik Fresen and could be voted on as early as next week.
A spokesman for the Florida House said it is expected to be heard by the Business and Consumer Affairs subcommittee on Tuesday. This will be the bill's first reading. If it passes, it would move on to Economic Affairs Committee
Both versions need to pass the committee process by the end of this regular legislative session on March 9 or be considered "dead."