The Village at Gulfstream still about a year away.
(Gulfstream Racing & Casino model. Village at Gulfstream is at the top of the picture)
If you have been to the Gulfstream Racing and Casino facility over the past 6 months (I think even longer)...you've noticed all of that construction at the front of the property. I've written about it a few times...and tried to keep my news up-to-date. Well, for those of you that don't know...the construction will bring 70 retail shops and restaurants along with a movie theater. There is also plans of a hotel to be built...but think that is phase 2. The Village was supposed to be completed by the end of 2008...then early 2009. Officials for the complex are now saying that the main 'construction' of the buildings will be completed in February...but it will not open until late 2009, early 2010. They are saying that after February...only interior construction will need to be done. The reason for the delay is financing and construction delays.
(Village at Gulfstream Entertainment Complex model.)
Of course you'd expect projects like this one will be delayed. Credit is still tight in this economy. At least you can still see them working on the property and that is a good sign that the place might actually open (eventually). I know that they are saying that after February...all the construction will be on the 'inside' of the new buildings....but, a year to finish that up? I'm thinking it might have more to do with finding actual tenants for the new complex. Stores are closing all over the US and retail is going through a big change right now. Also, Aventura Mall is right down the road...so it might be a year before any stores will be ready to expand and take a chance.
The casino is open and the racing season starts in January. The Village is a good idea...too bad they didn't move quicker and have it open when the casino opened. Once it does open...they might be able to compete with the Seminole Hard Rock...but, that remains to be seen. The high tax rate for the slot machines make it really difficult for these pari-mutuals to keep afloat and improve their facilities. I say allow them table games like the Seminoles. Sure, the Seminoles would then be off the hook for the chum change in the gaming compact...but tax revenue from 7 facilities (4 in Broward...3 in Miami-Dade) might be more in the long run. Also, drop the tax rate a bit and force the pari-mutuals to offer additional improvements/entertainment to their properties with the tax savings. Gaming is here...we might as well figure out ways to get the most from it.
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