![]() “We saw it in places like Atlantic City, where people opened up businesses all around the casinos, and they all went bankrupt, because the casinos are designed to keep people inside.” ![]() “Casinos are intentionally designed to be internal cash generators, not external cash generators,” Morris said. Veteran South Florida developer Allen Morris said development on the grounds of some parimutuels may make sense, but investing in income-producing properties around them is risky. Several parimutuel permit holders in Broward and Miami-Dade counties are planning developments around their horse racing properties, which could spur peripheral real estate projects.īut developing near a casino is hardly a sure bet. The Guitar Hotel is not the only South Florida gambling venue that’s encouraging a wave of development, or anticipating one. It makes the area, the destination, more viable.” Tabatchnik expects more development to follow. “The Seminole Hard Rock is the whole reason we’re invested on 441,” Tabatchnick says. “ That whole 441 Corridor is ripe for expansion,” said South Florida developer Lon Tabatchnick, who is co-developing 441 Roc, a mixed-use project with a Wendy’s, a Wawa, and rental apartments. SEE ALSO: Dollar Volume of Brooklyn Investment Sales Down 50 Percent Annually
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