Gambling compact approved by feds

Friday, January 4, 2008

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The gambling compact would allow for Las Vegas-style gaming in Florida, including slot machines.

TALLAHASSEE (Bay News 9) -- The gambling compact between the Seminole Tribe and Governor Charlie Crist has been approved by federal authorities.

The agreement allows expanded gambling at the tribe's casinos in exchange for payments to the state. It now has to be published in the Federal Register to take effect. It was not immediately clear when that would happen.

House Speaker Marco Rubio and Senate President Ken Pruitt are challenging Crist's authority to enter into the agreement without legislative approval. The Supreme Court plans a hearing on the case January 30th.

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The deal allows the Seminoles to install Las Vegas-style slots and card games at their seven casinos, including the Hard Rock Casino in Tampa. The deal would net the state an immediate payment of $50 million and a total of $100 million in the first year alone.

In the second year, the state is guaranteed $125 million and at least $150 million in the third year. Following that, the amount depends on revenues, although officials said it will quickly add up to billions.