A Florida city has banned casinos in an apparent attempt to stop Trump building one there

The front entrance is seen to the Trump National Doral golf resort owned by U.S. President Donald Trump's company on October 17, 2019 in Doral, Florida. White House chief of staff Mick Mulvaney announced today that the resort will host the Group of Seven meeting, between the United States, UK, France, Germany, Canada, Japan, Italy, and the EU, and will take place in June of 2020. (Photo by Joe Raedle/Getty Images)§The front entrance is seen to the Trump National Doral golf resort owned by U.S. President Donald Trump's company on October 17, 2019 in Doral, Florida. White House chief of staff Mick Mulvaney announced today that the resort will host the Group of Seven meeting, between the United States, UK, France, Germany, Canada, Japan, Italy, and the EU, and will take place in June of 2020. (Photo by Joe Raedle/Getty Images)
The Trump National Doral golf resort owned by U.S. President Donald Trump.

  • The city of Doral in South Florida has banned casinos striking a blow to Trump’s reported plans to establish one there.
  • It comes after Trump ally Gov. De Santis struck a deal laying the foundations for the former president to build a casino at Trump National Doral Miami.
  • Doral city council voted by 4-0 to ban gambling and casinos unless they were approved by the city’s residents in a referendum.
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The South Florida city of Doral has voted to ban gambling in an apparent attempt to prevent former President Donald Trump and others from pursuing plans to build a casino there.

Doral city council on Wednesday voted by 4-0 to ban gambling and casinos unless they were approved by the city’s residents in a referendum, the Miami Herald reported.

It comes after Gov. DeSantis – a close ally of Trump – struck a deal last month which laid the foundations for the former president to build a casino at Trump National Doral Miami, a golf resort owned by the former president and run by his son Eric.

Doral city council first passed the legislation banning casinos as emergency legislation in May, and this week passed the same law on a non-emergency basis, the Herald reported, as city officials try to prevent the future construction of casinos in city limits.

“We wanted to make sure we weighed in … We will do whatever it takes,” Mayor Juan Carlos Bermudez told the Herald before Wednesday’s vote.

Trump has been exploring the option of building a casino at the resort, which is struggling financially, and Eric Trump suggested in March that he was open to the idea.

“Many people consider Trump Doral to be unmatched from a gaming perspective – at 700 acres, properties just don’t exist of that size and quality in South Florida, let alone in the heart of Miami,” he said in an email to the Washington Post.

Gov. DeSantis’s gambling deal, which was approved by the Florida Senate in May, included a provision barring the Seminole Tribe of Florida from opposing any state decision to issue a gambling license to a venue more than 15 miles away from the tribe’s Hard Rock Casino, the Washington Post reported.

Trump’s Doral resort is slightly more than 15 miles away, the Post reported, meaning the Seminole Tribe would not be able to oppose any plan to install a casino there.

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NYSE president Stacey Cunningham says the stock market is not a casino – and exchange officials have not been asked to testify at the upcoming GameStop hearing

Stacey Cunningham, First Female President of the NYSE
Stacey Cunningham.

  • The NYSE’s president told Axios stock markets are not a casino, and they are highly regulated.
  • NYSE officials have not been called to testify at GameStop’s House hearing, Stacey Cunningham said.
  • Rules on transparency around short positions held by hedge funds should be reviewed, she said.
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NYSE president Stacey Cunningham told Axios in a recent interview that investing in the stock market does not resemble gambling. 

“The markets are not a casino,” she told Axios’ Dan Primack. “They are highly regulated and they’re highly overseen. We are running a market that provides opportunities for investors to come in, invest in the companies they believe in, they believe that are gonna grow, and then share in that wealth creation.”

Senator Elizabeth Warren last month slammed hedge funds and investors who criticized traders driving up GameStop for treating the stock market like a casino.

Cunningham disagreed with the sentiment, and said that what makes America so great is that “dreamers and entrepreneurs” with an idea can grow their business by getting others to invest via the stock market and share in the success.

Read More: GOLDMAN SACHS: These 40 heavily shorted stocks could be the next GameStop if retail traders target them – and the group has already nearly doubled over the past 3 months

The CEOs of Robinhood, Reddit, hedge fund Citadel, and investment-management firm Melvin Capital are expected to testify as part of a House hearing on the GameStop saga this Thursday, along with YouTube streamer Roaring Kitty.

Cunningham said NYSE officials have not been summoned to testify at the hearing, even though GameStop, AMC and other so-called “meme-stocks” trade on the exchange. “This is not really so much a New York Stock Exchange issue,” she said.

However, she believes regulators should review transparency requirements around short positions held by hedge funds. 

Read More: Canadian regulators just approved the world’s first Bitcoin ETF. Here are the 5 things investors need to know about the outlook for a US version

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