Quote:
Originally Posted by white_lytning
http://www.myfloridahouse.gov/Sectio...x?BillId=54451
New Gambling Act bill that the article was talking about. It is long, but not as bad as last year's house bill.
Highlights so far (haven't read the whole thing):
- Gaming Commission
- Greyhound decoupling
- Up to 2 Destination Casinos
- No online poker
I have some thoughts but want to finish it before posting.
It's a very well written bill. Probably makes far too much sense to be able to be passed by the legislature - lol.
Here are some more highlights:
The 2 Destination Resort Casinos will be located in Miami-Dade and/or Broward Counties only. The licenses will cost $10M each, with an annual renewal fee of $5M, plus a guaranteed minimum payment of $175M per year to the state in gaming tax (on top of the annual license fee). Also, if total gaming revenues to the state fall below total gaming revenues for 2014-2015 fiscal year, the two resort licensees have to make up the difference. The tax is 10% of gross gaming revenues.
To be granted a resort license, the applicant must guarantee $2B in investment to create the resort. Must be built within 2 years, but can be extended another year if necessary.
The two resort licenses must be granted before the end of 2022. This means that if one goes out of business after that, another couldn't be granted to replace it (of course, the license for it would be likely sold and transferred to someone else).
To be granted a resort license, the applicant has to submit for retirement existing pari-mutuel licenses totaling 5 points - the points are assigned to each pari-mutuel on a sliding scale from 3 to 1, based on total gaming revenues paid to the state over 10 years. Bottom line, at least two existing pari-mutuel licenses will be forfeited (and any facilities operating under those licenses closed) for each resort license granted.
There is a "bad actors" clause: anyone who took wagers from Florida players for online gambling (including poker, but exempting legal horse race wagering) after UIGEA passed can't get a Destination Resort license. There is no exemption for the future in the case that online gambling is authorized and licensed in Florida.
Destination resorts can have at most 10% of their space for gaming. All gambling games (poker, slots, blackjack, craps, roulette, etc.) will be allowed (but no sports wagering), 24/7/365, minimum age 21 years. Alcohol can be served 24/7/365 anywhere in the resort facility.
Destination resorts can't have exhibit halls (un-carpeted halls for the setting up of exhibit events) of 250,000 sq ft or more. Carpeted halls for other purposes allowed of any size.
Poker rooms are de-coupled from racing at dog tracks.
Pari-mutuel poker rooms can run 24/7/365.
Any pari-mutuel in the state that has been running live races for at least 25 years can get slots, if a county voter referendum run on the same voting ballot as a federal presidential election passes it. (But can't start until one of the Destination resorts opens.)
All the pari-mutuels get historical racing (i.e., machines to bet on past races, but they can't look like slot machines). (But can't start until one of the Destination resorts opens.)
No cardroom license can be transferred if it leads to a relocation of the cardroom.
No additional Class III gambling expansion can be authorized, i.e. not additional gaming, no additional facilities (including no new pari-mutuel licenses), etc. Of course, new legislation could always change that.
Amusement games statutes are re-written, making adult arcades with skill games legal, with prizes limited to low-value merchandise.
Creates both a Department of Gaming Control and a Gaming Control Commission - the Commission overseas the implementation of this legislation; the Department licenses and regulates all gambling in the state (including taking over all functions of the Division of Pari-Mutuel Wagering).
Last edited by PokerXanadu; 03-03-2015 at 10:17 AM.