FTBOA

The next step is for both chambers to approve or disapprove the agreements which are tied together.  No amendments, a simple yes-or-no vote.  This vote will take place on Friday.

In order for the provision to take effect, the Indian Council must sign off on the Compact, along with the Governor.

The Senate and House conference committee’s legislation for both the compact and the pari-mutuel legislation will be available on our website (ftboa.com) on Friday.

Here are the highlights as we understand them. The legislation is now being drafted and details may change.

Ø      Term of 15 years;

Ø      Tribe will have exclusivity of Class 3 slots everywhere but Broward and Dade counties;

Ø      Tribe will have exclusive right to Blackjack, Chemin de fer, and Baccarat in Broward and Hillsborough counties;

Ø      Tribe can reduce revenue share if more Class 3 gaming is approved and their net win for Class 3 drops below $1.37 billion;

Ø      Class 3 slots at all Tribe facilities;

Ø      No limit poker at all Tribe facilities;

Ø      Banked Card games in Broward and Hillsborough counties only;

Ø      Guaranteed minimum to state $150 million;

Ø      Local governments get 3% of revenue share;

Ø      Revenue sharing -- 0-$2.5 billion = 12% of net and it bumps up in phases to more than $4.5 billion=25% of net;

Ø      No reduction of revenue sharing unless Class 3 games are approved and the net win fails to reach $1.37 billion

Ø      No reduction of revenue sharing for historic racing or electronic gaming machines

Ø      Legislative review in five years

Ø      No electronic gaming machines;

Ø      Class 3 slots is allowed at a facility in a county that has passed, or does pass, a referendum approving slots, if that facility has run two years of live racing;

Ø      No instant racing;

Ø      Conversion of a Quarter Horse permit to a not-for-profit Thoroughbred permit;

Ø      Quarter Horse permits are subject to same mileage restrictions, financial and notice requirements as other permitholders (not clear);

Ø      Quarter Horse licensees can substitute up to 50% in Thoroughbred races and can ITW without approval from others within 50 miles (not clear);

Ø      Quarter Horse licensees can lease to others;

Ø      Quarter Horse licensees have to have by agreement language for purses and awards;

Ø      Phases up Quarter Horse full schedule of live racing from 20 to 30 to 40 over three years;

Ø      Allows Palm Beach to convert jai alai permit to dog racing permit;

Ø      Slot machine license fee is $2.5 million in FY 2010-11 and $2 million every year thereafter;

Ø      Slot machine tax rate is 35% with a minimum floor;

Ø      Cardroom facilities must be in place and horse racing must begin before the first hand can be dealt;

Ø      No limit poker at the cardrooms; and

Ø      Breeder flexibility

Banked card games – Blackjack, Chemin de fer, Baccarat

Class 3 gaming – Slot machines, Roulette, Craps

Electronic gaming – Video lottery terminals (VLT), Bingo, Historical Racing (Instant Racing)