Gaming sponsors promise destination casinos won't create loss in ...

By Kathleen Haughney October 27, 2011 02:08 PM

Rep. Erik Fresen, R-Miami and Sen. Ellyn Bogdanoff, R-Fort Lauderdale are at the Sun-Sentinel editorial board talking up their new gaming bill that was released yesterday. (Read our Q and A on the bill yesterday.)

One big question that has been looking is what happens to the state's 20-year deal with the Seminole Tribe, which guarantees the state more than $1 billion over a five year period for a monopoly on slots outside of Miami-Dade and Broward and table games like blackjack and baccarat. The terms of the deal are set to be renegotiated at the five year point. If the new casinos are approved and start dealing games before the five year point, the state would lose out on some of the money from the Seminoles because the compact would be invalidated.

Fresen told the editorial board that destination casinos will somehow be responsible for the money if the state has to forgo the funds from the tribe.

"Those that get licensed for a destination would be on the hook for any lost money for the compact," he said.

But, Fresen said he thinks by the time that the destination casinos are operational -- a commission is to award licenses by mid-2013 -- the five years would have expired anyway.

Fresen added that it is better for Florida to bring gaming in that it can regulate as opposed to depending on the Seminoles, which it has no power of because the tribe is a sovereign nation.

"I don?t think the compact is worth the paper it?s printed on and I think something like this would be," he said.

Categories: None

Source: http://blogs.trb.com/entertainment/news/gambling/blog/2011/10/gaming_sponsors_promise_destin.html

ryan leaf ryan leaf carlos santana jahvid best libya map libya map world series game 2