Although it happened this past Wednesday with very little preamble or publicity Governor Charlie Crist signed a bill that ratified a $1 billion gambling contract with the Seminole and the state which will also have the effect of lowering South Florida’s Parimutuel’s tax rates. The new law will ensure that the Seminole Tribe will have exclusive rights for the operation of Las Vegas-style slots out of the South Florida jurisdiction for a period of twenty years. The Tribe will also be able under the terms to operate table card games like baccarat and blackjack that are backed by the House for a term of five years at five out of the company’s seven premises.
Crist has made the agreement with Tribe its top priority, with negotiations beginning after he had been in office just three months. The first agreement was challenged by the then-House Speaker, Marco Rubio, in 2008 and was subsequently invalidated by the Florida Supreme Court. An extended 2009 session saw the establishment of guidelines for Mr. Crist, although he and the tribe rejected several of the requirements when signing a second compact. It was this that caused lawmakers to reject this proposal and renew afresh this year.
Senators applauded the singing of the bill, calling it an historic effort that brings mutual benefits for the entire state of Florida, and that the proceeds would go to fund such important needs as education. In a formal statement, the Seminole Tribe thanked Mr. Crist for what they referred to as his “steadfast support” and agreed that the new law had “preserved thousands of jobs in Florida and helped to create thousands more.”
In exchange for their operating terms, the state of South Florida will get $435 million over the course of this year and will receive a minimum of $1 billion over the course of the next five years. In the event that the revenues of Tribal Gambling continue to grow as widely anticipated the state might well expect to collect a further $300 million over this period. The plan further means that Parimutuels in South Florida will witness a drop in tax rates from 50% to just 35% as well as seeing licensing fees for slot machines cut from the current rate of $3 million per year to $2.5 million in 2011 and further cut to $2 million two years hence in 2012.
The terms of the bill will also allow the commencement of no-limit poker games at parimutuel card rooms and will also allow the extension of poker-playing hours from 12 hours per day to 18 from Monday to Friday, whilst allowing 24-hour play per day at weekends. The bill will further allow for the expansion of Hialeah Racetrack, which will be allowed to offer slot machines to gamers by 2011.
Related posts:
No user commented in " One Billion Dollar Gambling Deal Agreed in Florida "
Follow-up comment rss or Leave a TrackbackLeave A Reply