Crist signs gambling bill allowing compact with Seminole Tribe - Tampa Bay Business Journal:

vuwodu.wordpress.com
The deal guarantees the state gets a minimumk paymentof $150 million a year of casinl profits in exchange for the righr to operate certain games such as baccarat, chemin de fer and blackjacki in the tribe’s seven gambling facilities, includingf the Seminole Hard Rock Casino in The agreement must be ratified by the Florida Legislatured and agreed to by the Tribe. In additionm to the $150 million, the Tribe is required to make revenue-sharing paymentw to the state bases on the following annual 2 percent of profits upto $2.5 billion. 15 percent of profitsz between $2.5 billion and $3 20 percent of profits between $3 billiob and $4 billion. 22.
5 percent of profitz between $4 billion and 4.5 billion. 25 percent of any profits abovse $4.5 billion. The agreemenyt also requires the Seminole Tribe of Florida to develoo a compulsive gamblingprevention program, submit recordss to an independent annual financial audit and maintainh a legal process for compensatinfg individuals for injuries causexd to patrons. The deal replaces an earlie r one that Crist inked with the Tribe in 2007 but was overturnerd by the after it found the governodr had overstepped his authority by failing to involve the Crist noted that federal law governs the and the federal government is likely to allow the Tribs to operate those games if the Legislature does not go alongy withthe agreement.