This entry is a few days late...but it's big news.

After years of fighting…Florida legislators finally approved a Gaming Compact with the Seminole Tribe. Back in 2007, Gov. Charlie Christ signed a compact allowing the tribe to offer 'Vegas Style' slots (rather than the Class II 'bingo' style) along with exclusive rights to some table games (like Blackjack). In exchange the Seminoles would pay the state of Florida. As soon as it was signed, the Seminoles started changing over the slot machines and added the tables for Blackjack. While Gov. Christ signed the compact…Florida legislators claimed they did not agree with it and it was void and illegal. They've been trying to hammer out a final deal for years and today…it's finally done.

The Seminoles have been making payments to the state in escrow while this was being ironed out…so those payments should be released soon. The compact allows the Seminoles to have exclusive rights to table games at five properties (The Hard Rock in Hollywood, Coconut Creek Casino, Seminole Hollywood Casino, Immokalee Casino and the Hard Rock Tampa). In exchange, they will pay the state at least $1.3 Billion over five years. The last two years of the deal call for some revenue sharing…so the actual amount could be higher. They also get to keep the Vegas Style Slot Machines in all of their Florida casinos.

Within the agreement are some perks for Broward and Miami-Dade pari-mutual casinos. They will now be allowed to expand their hours, have higher limit poker and their tax rates will be dropped. Their tax rates on slot machines were the highest in the country and according to casino officials, choked off additional revenue for facility improvements.

Now the big question is…will this compact be renewed in five years….or will the state finally think it's time to get in on the action. There has been talk of allowing some high-profile casino owners to come in and build a few casino/resorts around the state, which would allow for some competition in that industry. Only time will tell.