Florida governor Rick Scott hails the largest rev-sharing that is tribal history as dispute with Seminoles is put to bed.
The Seminole Tribe’s political standoff with Florida governor Rick Scott was finally resolved this week following a deal which will see the Seminoles pay $3.1 billion to the state over seven years in return for the right to offer craps and roulette.
It is thought to be the biggest tribal rev-share agreement in the usa, dwarfing the cut received by the state beneath the terms of the previous contract.
Florida inked a deal utilizing the Seminoles this season which offered the tribe exclusivity on blackjack in the state in exchange for $1 billion, spread over five years.
The deal also prevented the expansion of slots gambling beyond that which already existed at a handful of pari-mutuel racetracks, offering the Seminoles a stranglehold on the slots market.
This contract expired on August 1 this year, and the two parties have been negotiating ever since.
No Expansion for 20 Years
The Seminoles, who own seven properties within the Sunshine State, will be prohibited from expanding their operations for a period of twenty years. Even though gaining the straight to offer craps and roulette, the operator that is tribal relinquish its monopoly on blackjack and slots.
This allows the expansion of blackjack into the Miami-Dade and Broward racinos and as much as 750 slots at other venues such because the Palm Beach Kennel (more…)