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Gov. Crist Approves Florida Gaming Expansion Bill

Governor Charlie Crist passed a bill by the Florida legislature that will expand casino gaming in Florida. Senate Bill 788 gives Gov. Crist the power to negotiate a new gaming compact with the Seminole tribe by August 31st, 2009.

The agreement guarantees that Florida will receive a minimum payment of $150 million annually of casino profits in exchange for the right to offer banked card games like baccarat in the Seminole tribe's seven gaming establishments including the Seminole Hard Rock Casino in Tampa, Florida.

The agreement must be acceptable to the Florida Legislature and the Seminoles. Aside from the yearly payment of $150 million, the tribe is also required to make profit-sharing payments to Florida based on the following yearly amounts: 2% of profits up to $2.5 billion, 15% of profits between $2.5 billion and $3 billion, 20% of profits between $3 billion and $4 billion, 22.5% of profits between $4 billion and $4.5 billion and 25% of any profits above $4.5 billion.

The compact also requires the Seminole Tribe to develop a gaming addiction prevention program, submits record to an independent yearly financial audit and maintain a legal process for compensating individuals for injuries caused to customers.

The new agreement replaces an earlier one that Gov. Crist negotiated with the Seminole tribe in 2007 but was cancelled by the Florida state Supreme Court after it found out that Gov. Crist overstepped his authority by failing to consult the legislature. Crist said that federal law governs the Seminole tribe and that the federal government is likely to permit the tribe to offer those games if the legislature does not approve the agreement.

 

Tuesday, July 21 , 2009
Brian Letendre