Florida State Gaming Takes A Step Forward

Legalized gaming in Florida just got one step closer to coming to fruition with the passage of Senate Bill 8 by an influential Florida State Senate committee. The bill would still need to pass both houses of State legislation and be drafted into law by the governor.

The proposed measure would expand gaming operations in Florida, while at the same time renegotiate a stalled contract with the Seminole Tribe of Florida. The legal battle between the two bodies has been a long drawn out and struggle for both sides. Currently, the Seminole Tribe of Florida holds exclusive rights to offer “banked” casino cards games, like Blackjack. In this instance, banked refers to a card game played using comparison.

Should the bill be passed by both sides of Florida’s legislature and then be signed into effect by Governor rick Scott, slots-only casinos would be permitted to open in Miami-Dade County and Broward County. A jurisdiction previously enjoyed exclusively by the Seminole Tribe of Florida. Each respective jurisdiction would receive license for one such casino to operate, while existing casino operations will be granted the permission to offer up to 25 blackjack tables a piece.

Florida State Senator Bill Galvano is the sponsor of the bill, which also includes provisions that beginning in 2018 slots would be eligible for licensing in Brevard County, Duval County, Gadsden County, Hamilton County, Lee County, Palm Beach County, St Lucie County and Washington County. State-wide taxes on slot machines would also be reduced from 35% to 25%.

The Miami Herald reported the bill would go on to include the allowance of pari-mutuel card room in the state to run Poker and other “player-banked” games, while at the same time providing support for the state’s racing industry with a $20 million per year supplement to horse racing purse pools.

Tribe Losses and Gains

While the Seminole Tribe of Florida is set to lose its Blackjack and slots monopolies in the state, the Tribe will have exclusive rights to provide slots entertainment around the city of Tampa with additional rights allowing for Roulette, Blackjack, and Craps offerings at every Tribe casino operating in Florida, provided an annual of $325 million is paid to the state.

Currently, the Seminole Tribe of Florida operates seven casinos, and has made regular monthly revenue-sharing payments, as per its 2010 agreement with the State of Florida. The expiration of said agreement has been a point of contention and while the tribe continued to make rev-share payments until 2015, the State of Florida has kept all contributions frozen until an agreeable outcome of negotiations been reached.

Galvano went on tell the Miami herald that should Senate Bill 8 pass, he expects annual duty revenues to measure as much as $425 million. The sum of which is made up of $200 million currently held in escrow and the expected money paid by the Seminole Tribe of Florida upon their first year of operation.