Seminole Gambling Compact Signed By Governor Crist, Passes Into Law

April 29th, 2010 – by Glen Farmer

Over a year in the making, the Seminole gambling compact has finally reached Charlie Crist’s desk, and the governor has recently signed the deal after the House and the Senate passed the bill. The deal is expected to generate a minimum of $1 billion dollars over the next five years.

The Seminole Tribe will be allowed to operate Vegas style slots in their casinos in and outside of South Florida for the next 20 years, and the tribe will also be allowed to operate card games, such as blackjack and baccarat, at five of the seven facilities in the state. The slots will portion of the deal will remain legal for twenty years, while the table games can remain for five.

In exchange for the rights to these games, the Seminole tribe will be required to pay $435 million up front in the first year, while they have to give at least $1 billion over the next five years.

The gambling compact will also expand and change the rules surrounding parimutuel wagering in the state. The parimutuel slot games will see a drop in licensing fees reduced from $3 million to $2.5 million in 2011. The licensing fees will be reduced further to $2 million in 2012. Tax rates will also drop from 50 percent to 35 percent.

The parimutuel card rooms will also experience a slight change. These card rooms will experience no-limit poker, rather than keeping with the small limits previously required. The hours of operation will also extend from 12 hours to 18 hours throughout the week, while Saturday and Sunday will allow players to to sit at the tables for 24 hours.

The gambling compact has legalized the games that were already operating, though not kicking the requisite amount of tax dollars to the state. Florida Online Gambling remains unregulated and untaxed, despite the gambling compact that Crist had worked toward bringing to light.

Share
Tags: , , , , , ,

Comments are closed.

=
Best USA Gambling Sites
Top USA Casinos
Visit Casino
Top USA Sportsbooks
Bookmaker Sportsbook
DSI Sportsbook
Top USA Poker Rooms