The state of Florida announced Tuesday that it had cut a deal with the Seminole Tribe that will permit the tribe to offer blackjack and baccarat games in exchange for at least $100 million a year. The 25-year agreement came after the federal government threatened intervention if a deal wasn't reached by Nov. 15.
The South Floirda Sun-Sentinel reported that some analysts believe the compact could have been better since the state of Connecticut received $430 million from the Mohegan Sun and Foxwoods casino last year. Florida's compact specifies that the Seminoles pay 10 percent of the take on the first $2 billion in revenue, and a 25 percent royalty fee only on revenues above $4.5 million.
Broward County's pari-mutuel tracks still won't be allowed to offer anything but slot machine play and must pay 50 percent of their take to the state.
"The tribe and the governor are using smoke and mirrors to to make it look like this is a great boost to the state of Florida," Dan Adkins, vice president of Mari Gras Casino and Racetrack in Hallandale Beach, told the Sun-Sentinel. Adkins also serves as an executive with Hazel Park Raceway in Michigan.
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