Hurricane Milton Throws a Wrench At Florida Casinos

Grant Mitchell
By: Grant Mitchell
10/09/2024
Financial News
Hurricane Milton Set for Impact
Photo by Free Malaysia Today, CC by 4.0 (https://creativecommons.org/licenses/by/4.0/)

Key Takeaways

  • Milton is expected to strike land on Wednesday night
  • Florida casino properties made $3.2 million in revenue daily last October
  • Several properties have already closed in anticipation of the storm

Many couples and travelers like to escape to the warm beaches of Florida during the colder months of the year—but with Hurricane Milton barreling down, tradition will fall by the wayside.

The Category 5 Hurricane is expected to make landfall on Wednesday night, roughly two weeks after Hurricane Helene devastated much of Florida, Georgia, and other states along the East Coast.

The unfortunate weather will have serious impacts on the state’s tourism and gaming industries, particularly at local casinos, many of which have already closed up shop for the time being.

Impending danger

According to the Florida Gaming Control Commission’s FY 2024 report, Florida casinos generated $53.1 million in revenue from slot machines alone last October. Cardroom games yielded $16.7 million in revenue, and pari-mutuel betting produced $29.9 million in revenue during the same period.

In total, that equals out to about $3.2 million in revenue per day. That’s $3.2 million in revenue that will be close to absent during the storm-heavy period.

The National Weather Service in  Tampa Bay described Milton as potentially the worst storm to grace the area in more than 100 years. Mandatory evacuations were already issued in Charlotte and Citrus County, while Clay County encouraged at-risk homeowners and persons to leave the area.

Florida Gov. Ron DeSantis issued emergency orders to more than 51 counties and told them to prepare for everything from power outages to massive flooding. The hurricane center also referred to Milton as “extremely life-threatening.”

Needless to say, casino floors are expected to be relatively barren in the immediate future.

Preparing for Milton

Despite the imminent storm, the Seminole-run Hard Rock Hotel & Casino in Hollywood has not shut its doors. Singer-songwriter Teddy Swims was scheduled to perform at the casino on Thursday, October 10, though that was canceled.

“The safety of our guests and Team Members is our top priority,” a message on the casino’s website reads. “As we actively monitor Hurricane Milton, we want to keep you informed of any changes to our services and operations.”

Win! Derby Poker Room almost right along the water in St. Petersburg closed down on Tuesday around 4:00 a.m. The property was already impacted by Helene and will remain closed until Milton passes through the area.

TGT Poker and Racebook poker rooms in Tampa also closed down in anticipation of the hurricane. 

Milton is expected to move at about 125mph when it strikes land before heading back out to sea.

Youtuber Jason Jensen made the most of the evacuation, striking a $146.250 jackpot at a casino in Biloxi, Mississippi.

Jensen, who runs the channel “Greatness Reinvented,” struck gold around 7:00 a.m. Tuesday morning on a high-limit Dragon Link slot machine.

Grant is a former graduate of Virginia Tech, a former NCAA track and field athlete, and an avid sports fan and sports bettor. He aims to provide up-to-the-minute and detailed coverage of headlines in the sports betting industry. Grant joined the professional ranks in 2021 and quickly made a name for himself, working with entities such as Forbes and VSiN and earning a reliable reputation in the industry. When he’s not working, you can find him exercising, walking around the city, or somewhere watching the big game of the day.