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

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The deal guarantees the state gets a minimum paymentof $150 million a year of casinio profits in exchange for the rightg to operate certain games such as baccarat, chemi n de fer and blackjack in the tribe’s seven gambling facilities, includin g the Seminole Hard Rock Casino in Tampa. The agreement must be ratifieds by the Florida Legislature and agree d to bythe Tribe. In additiojn to the $150 million, the Tribe is requirec to make revenue-sharing payments to the state based on the followinbannual amounts: 2 percent of profitds up to $2.5 billion. 15 percentf of profits between $2.5 billion and $3 billion. 20 percent of profits betweenb $3 billion and $4 billion. 22.
5 perceny of profits between $4 billion and 4.5 25 percent of any profits above $4.5 The agreement also requires the Seminole Tribe of Florida to develop a compulsive gamblingfprevention program, submit records to an independent annual financia l audit and maintain a legal process for compensating individuales for injuries caused to The deal replaces an earlier one that Crist inked with the Tribe in 2007 but was overturnedf by the after it found the governor had oversteppedd his authority by failing to involve the Crist noted that federal law governs the Tribe, and the federalk government is likely to allow the Tribe to operatw those games if the Legislature does not go along with the agreement.