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Margate's share of Seminole Compact about $425,000
• Coral Springs and Coconut Creek getting more
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Wednesday,
April 28, 2010
After three years of negotiations, Florida Govenor, Charlie Crist, signed the Seminole Gaming Compact into law Wednesday after the House passed Senate Bill (SB) 622 by a vote of 74-39.
The Compact guarantees Floridians $1 billion over five years and enables the Seminoles to expand gaming operations.
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Upon signing the Compact, Florida has the immediate use of $250 million, already on hand, and makes way for even more revenue to meet the needs of our state for decades to come – a total of $1.2 billion during the first five years.
Local governments affected by the five casinos in the compact will split a three percent share, expected to be around $5 million of the $150 million annual revenues expected.
With the revenue proceeds from the Seminole Indian Casino in Coconut Creek, Broward County shall receive 22.5 percent, the City of Coconut Creek shall receive 55 percent, the City of Coral Springs shall receive 12 percent, the City of Margate shall receive 8.5 percent, and the City of Parkland shall receive 2 percent of the local government share.
For the Seminole Hard Rock Hotel & Casino, Broward County shall receive 25 percent, the City of Hollywood shall receive 55 percent, the Town of Davie shall receive 10 percent, and the City of Dania Beach shall receive 10 percent of the local government share.
Read the rest of the story at Browardnetonline including what casino games the new law allows.
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http://browardnetonline.com
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