Billionaire Ken Griffin fights Miami Beach casino plan backed by Fontainebleau owner
A dispute over casino expansion in Florida has intensified as billionaire investor Ken Griffin speaks out against plans to relocate a gambling licence. The proposal, backed by Fontainebleau resort owner Jeff Soffer, seeks to move an existing licence from Hallandale Beach's Big Easy Casino to his luxury property in Miami Beach—despite a local ban on casinos since 2017. Griffin's opposition highlights concerns over crime, property values, and addiction risks tied to gambling venues.
The conflict centres on two bills—Senate Bill 1054 and House Bill 1127—which could let licence holders shift operations within a 30-mile radius. Jeff Soffer, owner of the Fontainebleau Miami Beach resort, wants to transfer the casino licence to his luxury property. To push this forward, Soffer has donated $300,000 to the Republican Party of Florida and engaged in political lobbying.
In 2017, Miami Beach voters overwhelmingly approved a referendum banning gambling in the city. Since then, no major political or economic shifts have emerged to challenge this stance, and local records show no organised support or opposition from investors or officials regarding new casino projects.
Ken Griffin, a prominent hedge fund manager and real estate investor, has publicly criticised the proposal. In an open letter to the Miami Herald titled 'Casinos are a bad bet for Florida', he argued that gambling venues drive up crime, lower property values, and fuel addiction. His intervention adds weight to resistance against changing the 2017 restrictions.
The proposed licence transfer remains contentious, with Griffin's opposition contrasting sharply against Soffer's political efforts. If the bills pass, Fontainebleau could become Miami Beach's first casino since the 2017 ban. The outcome will depend on legislative decisions and whether lawmakers prioritise economic interests or existing local restrictions.
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