Gaming compact between Florida, Seminole Tribe of Florida approved by the U.S. Department of the Interior
TALLAHASSEE, Fla. (WCTV) - The historic gaming compact between the State of Florida and the Seminole Tribe of Florida was deemed approved by the U.S. Department of the Interior, Governor Ron DeSantis announced Friday.
This is the largest gaming compact in history and will generate a minimum of $2.5 billion in new revenue to the state over the next five years as well as an estimated $6 billion through 2030. Gov. DeSantis announced this historic compact in April, and the compact was ratified by the Florida Legislature during a special legislative session in May. The agreement increases the projected revenue to the State of Florida from the Seminole Tribe to over $6 billion over the next decade, with a guaranteed minimum of $2.5 billion dollars during the first five years.
The Tribe is not currently making any revenue payments to the state, according to the press release. The State of Florida is not currently receiving revenue from gaming activities on Tribal lands.
“The final approval of this historic gaming compact is a big deal for the State of Florida,” Governor Ron DeSantis said in the press release. “This mutually-beneficial agreement will grow our economy, expand tourism and recreation and provide billions in new revenue to benefit Floridians. I again want to thank Seminole Tribe of Florida Chairman Marcellus Osceola Jr., Senate President Wilton Simpson and House Speaker Chris Sprowls for their part in getting this done for our great state.”
“Today is a great day for the people of Florida, who will benefit not only from a $2.5 billion revenue sharing guarantee over five years, but also from statewide sports betting and new casino games that will roll out this fall and mean more jobs for Floridians and more money invested in this state,” Chairman of the Seminole Tribe of Florida Marcellus Osceola Jr. said in the press release. “We thank Governor DeSantis, President Simpson, Speaker Sprowls and the Florida Legislature for their leadership and hard work.”
The agreement also provides protections for pari-mutuel operations and the opportunity to participate in sports betting offered by the Tribe.
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