In exchange for the right to have Las Vegas style slot machines, blackjack and baccarat, the Seminole Tribe of Florida has offered the state $50 million up front and at least $100 million a year, the tribes’ attorneys said Friday.
Under the proposal, the state would receive a percentage of the seven tribal casinos’ revenue with the Seminoles guaranteeing a minimum annual payment of $100 million. The tribe, though, projects the state would receive considerably more than $100 million, said Barry Richard, an attorney for the Seminoles.
The addition of Las Vegas style slot machines and table games would make the Seminole Hard Rock Hotel & Casino in Hollywood, Florida a major tourist attraction. According to court records, the tribe has averaged an annual profit of more than $500 million from its gambling operations statewide since opening its Hard Rock complexes near Hollywood and Tampa.
We feel an agreement will be reached in the coming days as Florida lawmakers try to figure out a way to slice $1.1 billion away from the state’s $71 billion budget.