$1 billion Gambling Compact with the Seminole Tribe
This Tuesday, the Governor of Tallahassee, Florida, Charlie Crist has announced a pact with the Seminole Tribe which is worth $1 billion and is aimed at expanding the local gambling business. In fact, this is the third attempt of Crist to come to agreement with the Seminoles. The first ones were rejected by the Florida Supreme Court and by the legislators.
This step is really very important for the state of Florida because it will allow not only create new jobs, but also raise money for education. It is expected that the educational system can gain up to $435 million this year only.
According to the agreement, the Seminole Hard Rock Casino situated in the Tampa Bay area will be allowed to install Vegas-style slot machines as well as baccarat and blackjack tables. The changes also concern the betting limits and working hours of the local dog and horse tracks.
The Tribe will be given the exclusive right to operate blackjack, chemin de fer, and baccarat in 5 out of 7 casinos. Four Tribal casinos outside Miami-Dade and Broward counties will be allowed to operate Class III slot machines. In its turn, the Tribe guarantees that the state will receive $1 billion over 5 years and also will get 10% of net revenue for the next 15 years.
Florida legislators also has agreed to cut the tax rate for dog and horse tracks in Miami-Dade and let the parimutuels outside Miami-Dade and Broward install lottery tickets vending machines and bingo-style machines. The working hours and betting limits of all parimutuels will be expanded.