Gambling would financially help Florida, economists say
By Mary Ellen Klas
Tallahassee Bureau
© 2009 Miami Herald
Tuesday, April 07, 2009The state's top economists concluded Monday that a House plan to allow the Seminole Tribe the exclusive right to operate slot machines outside of Miami-Dade and Broward counties would yield about $257 million in the first year -- much more than the $100 million previously projected under the proposal.
A Senate plan to give the tribe full casino games -- including blackjack, slot machines, roulette, and craps -- would yield no more than about $400 million a year in annual revenue sharing, since the tribe would likely face increased competition from expanded gambling across the state.
Those were the predictions of the state's Revenue Estimating Conference to determine how much money the two very different gambling bills will produce. Both bills have won approval from initial committees and are moving targets in both chambers.
The economists projected that the House bill -- which would strip the tribe of blackjack and banked card games but give them the exclusive operation of Las Vegas-style slot machines -- will bring in $257.2 million in the first year.
Economists said the tribe is expected to expand the number of slot machines it operates by 10 percent a year, as it has done in the recent past.
''We believe there has been growth and there will continue to be some growth going forward, regardless of whether there are table games or not,'' said Amy Baker, director of the Legislature's Economic and Demographic Research division.
Under the Senate bill, the state could expect a total of about $504 million in the first year.
That would include the $400 million from new games, plus $137.5 million held in reserve from the state's now-invalidated gambling compact.
The state would have to subtract one month's revenues -- $33 million -- because even though the agreement could start July 1, revenue would have to accrue for a month before payment would be made.
House, Senate, Governor Square off over Gaming
Reporter: Whitney Ray
WCTV - Tallahassee
Copyright ©2009 Gray Television Group, Inc
Tuesday, April 07, 2009
The House, the Senate and the Governor are showing their cards and all three have different plans to expand gambling at Seminole casinos. After a week of backing the Senate’s proposal Governor Charlie Crist changed his bet.
“We’re talking about the original compact and I think that’s what the tribe is interested in,” Crist said Friday
The House passed a scaled down version of the compact… limiting the expansion to Vegas Style slots.
“Any of these changes are going to be slow coming,” said House Gaming Chairman Bill Galvano.
The Senate’s version allows the tribe to expand gaming to Craps and Roulette… which would raise millions more than the other proposals. Senator Jim King said the Governor and the House are putting on their poker-faces.
“Some of it’s posture, and some of it is posture that has to take place,” said Senator King.
King said the three billion dollar state budget shortfall will force a comprise.
The Tribe is already operating games approved in the original compact and setting money aside for the state. 288 million dollars is in an escrow account until a deal is reached.
Governor Charlie Crist says if lawmakers don’t act soon the federal government will allow the tribe to play the games and the state will miss out on millions. Of course what ever the state decided is just the first step. The Seminole tribe will still have to sign off on the state deal.