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Governor Charlie Crist has finally been able to sign off on a bill ratifying the $1 billion Seminole gambling compact with the state of Florida, after years of delay.
In 2008, the Florida Supreme Court invalidated the first agreement because of the lack of involvement from legislation and then in 2009 lawmakers again shunned another bill because Crist and the tribe had rejected requirements established by legislators.
The new law will give the Seminole Tribe exclusive rights to operate slot machines outside of South Florida for the next 20 years and operate card games including blackjack and baccarat at five of its seven locations for the next five years. The law also lowers the tax rate and licensing fees on South Florida pari-mutuels.
In exchange, the state will receive $435 million this year and at least $1 billion over the next five years from the tribe.
Under the plan, South Florida pari-mutuels will see tax rates drop from 50% to 35% and licensing fees for slot machines reduced from $3 million a year to $2.5 million in 2011 and $2 million in 2012.
The bill also allows pari-mutuels to conduct no-limit poker games and extends poker hours from 12 to 18 hours Monday through Friday and 24 hours a day on the weekends.
The U.S. Department of Interior must sign off on the ratified compact within 45 days.
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