Well it was signed yesterday...but don't rush to the Seminole Hard Rock Hotel & Casino just yet. 

Announced yesterday, the deal struck between Gov. Charlie Crist and the Florida Seminoles came one day before the deadline set by the Federal Government.  The Seminoles have claimed that since Class III slots are now in Broward County...they should be allowed to have the same type of gaming.  They went to the Federal Government and they agreed.  They set a few deadlines for an agreement with the last one being November 15th.  If no agreement was reached, the Seminoles were probably going to get the new slot machines and wouldn't have to pay a penny to the state.  The agreement hasn't been released, but here are some of the big points:

-The agreement is for expanded gaming at each Seminole Casino around Florida.
-The agreement allows for each Seminole Casino to install Class III slot machines (rather than the Class II Bingo type they have now).
-The agreement allows each Seminole Casino to have Blackjack and Baccarat card games.  (These would be the first Vegas type table games allowed in the state).
-The agreement calls for a portion of the gambling revenue to be paid to the state of Florida.  The amount would be a $100 Million minimum the first year, then would be based on a sliding % scale which gives the tribe time to install the machines and renovate properties.

Here are some of the rules in the agreement:
-The agreement is for 25 years.
-The agreement gives exclusive rights to the Seminoles for Blackjack and Baccarat within a certain radius of it's casinos.  (I'm not sure if Broward and Miami-Dade are not included in the proximity rule.)  If full casinos are allowed, there will be an escape clause for the payments to the state...either stopping or the % being lowered.
-The Seminoles will limit the Poker hours (they currently run 24/7).

There are a few groups running to the courts to sue.  First in line we have the Pari-mutuals in Broward that claim this expansion will force them to close.  Also, the state legislature is saying they need to ratify the compact prior to it being implemented.  The Federal Government also has to approve the agreement.

So, it will be interesting to see the fallout.  As I've said many times...the Seminole Hard Rock and Coconut Creek facilities are top notch.  They know what the people want in a casino.  The problem I see is the tax %.  The Broward Racinos are taxed at 50% which basically chokes out capital to improve the properties.  They need a break so they can at least beef up the entertainment options and maybe add a hotel.  Only time will tell.  South Florida might turn into the Vegas of the east.