Fontainebleau Proprietor Jeffrey Soffer Sells Miami On line casino Parcels

• Land beforehand tied to the Massive Straightforward On line casino has been bought
• Florida actual property magnate Jeffrey Soffer owns the Hallandale Seashore racino

Fontainebleau Resorts’ billionaire proprietor, Jeffrey Soffer, expanded his web price lately by promoting unused acres surrounding his Massive Straightforward On line casino in Hallandale Seashore, Fla.

An aerial view of the Massive Straightforward On line casino in Hallandale Seashore, Fla., is seen in Could 2025. Jeffrey Soffer, the billionaire proprietor of the Florida racino, is divvying up the property and making an enormous revenue within the course of. (Picture: Shutterstock)

The Florida actual property magnate acquired the Mardi Gras On line casino and Hollywood Greyhound Observe in 2018 for $12.5 million. Being positioned inside Broward County, one in every of two counties in Florida the place slots are allowed, the racino is permitted to accommodate gaming machines.

Soffer rebranded Mardi Gras to Massive Straightforward quickly after buying the 70K-square-foot gaming property from Hartman & Tyner, a family-owned property administration agency primarily based in Michigan. Florida banned greyhound racing in 2020, although Soffer’s Hollywood Greyhound Observe ceased stay racing in 2018.

To appease Broward County’s slots laws that require such gaming to solely function at licensed parimutuel services, Massive Straightforward continues to characteristic simulcast racing and off-track betting. Soffer is now promoting off unused elements of the Massive Straightforward compound.

Massive Straightforward Makes Massive Sale 

The South Florida Business Journal studies that Soffer lately bought 12.3 acres of the Massive Straightforward On line casino property by means of two deeds for $31.16 million to a consortium of consumers. The acquisition group plans to develop the property into condominiums, retail retailers, and warehouses for luxurious items.

Soffer’s Massive Straightforward On line casino has about 800 slot machines. Monetary data disclosed by the Florida Gaming Fee reveals that the on line casino generated gross income, or cash stored by the on line casino after paying out winnings, of greater than $38.1 million for the 2024-25 fiscal 12 months that ended June 30, 2025. Taxes on the gaming win got here to $13.3 million.

Earlier than the property sale, the Massive Straightforward On line casino website spanned greater than 36 acres. The prime actual property is lower than two miles inland from the Atlantic Ocean.

Fontainebleau Fortune

Soffer is the son of the late Donald Soffer, a Florida actual property developer whose Turnberry Associates co-developed The Signature at MGM Grand in Las Vegas in 2004. A 12 months later, Turnberry bought the enduring Fontainebleau Lodge in Miami Seashore for $165 million.

The youthful Soffer based Fontainebleau Resorts that very same 12 months. He sought to place his personal mark within the luxurious lodge trade by saying in 2005 plans to convey the Fontainebleau model to the Las Vegas Strip with a brand new, from-the-ground-up on line casino resort. Turnberry paid virtually $100 million for lower than 4 acres of prime Strip land for the mission.

Building started in early 2007 on the roughly $3 billion endeavor. The Nice Recession successfully halted the mission regardless of it being about 75% full. Billionaire Carl Icahn purchased the resort in chapter in 2010 for $151 million.

Icahn did nothing to convey the property to completion. He as a substitute bought it to Steve Witkoff, now the US particular envoy to the Center East below the Trump administration, in 2017 for $600 million.

COVID-19, Witkoff mentioned, rendered his plans unattainable. He bought the unfinished towering blue construction again to Soffer and Koch Actual Property Investments in early 2021 for an undisclosed sum.

The true property funding belief of the billionaire Koch household secured $2.2 billion in financing to complete the Fontainebleau and open the Strip on line casino in December 2023.