[ad_1]
Posting date: 4 April 2024 at 04:49h
The last update was on 4 April 2024 04:49h.
Florida Gov. Ron DeSantis, (R), signed a law on Thursday that requires the money from the Class III Gaming Compact with the Seminole Tribe to be spent for environmental initiatives.
DeSantis reached an agreement with the Seminoles tribe to expand the Seminoles gaming options in 2021. This included sports betting both in retail stores and online, along with the addition of craps and roulette in its brick-and mortar tribal casinos.
For the exchange, Sports betting monopoly In the Sunshine State, and with the addition of table games to the compact, the tribe has committed itself to paying $6 billion in total over the duration of the contract which is until 2030. The money comes from the Seminole Hard Rock Casinos DeSantis only signed Senate Bill No. 1638 yesterday, which allocated the funds.
This bill, entitled “Funding for Environmental Resource Management”, requires that the vast majority of the compact’s revenue be spent on water quality improvement, environmental infrastructure and ongoing acquisition and maintenance of conservation lands.
SB 1638 allocates $150 million to repair and upgrade the Central and South Florida Water Management System.
It was a great honor to be able to continue our conservation investments. pic.twitter.com/9TACmmg8om
— Ron DeSantis (@GovRonDeSantis) April 4, 2024
Funding Tributary
DeSantis signed Senate Bill 7080, a companion bill to HB 1638 on Thursday. This statute creates the Indian Gaming Revenue Clearing Trust Fund.
The money Florida receives from the Seminole Compact will be first allocated to the fund. Florida Department of Financial Services is responsible for managing the trust fund.
DeSantis said that Florida’s natural resources are among its greatest assets. This revenue stream will enhance our efforts in conserving our natural resources and protecting our waterways. It will also make our eco-infrastructure more resilient.
Seminole Compact Money is more like a tsunami of money than just a flow. According to projections, the state will receive approximately $750,000,000 annually from six tribe casinos. The Indian Gaming Revenue Clearing Trust Fund is required to receive 96% of the money collected by tribes.
Shawn Hamilton is the Secretary of Florida Department of Environmental Protection. This legislation’s revenue stream will enable the state to continue protecting Florida’s natural resources in generations to come.
DeSantis signss another gaming measure
DeSantis signed a law on Thursday that permits the sale of seized gambling machines, assets and other items related to illegal gambling.
House Bill (5203) allows the seizure of illegal gambling devices by the authorities Florida Gaming Control Commission The property of the state. The law provides a framework that allows the FGCC sell these properties, and then deposit the proceeds to its Pari-Mutuel Wagering Trust Fund which pays for its operational costs.
The state can now keep cash “and other valuable things” that are obtained during investigations. This law allows the state to better confiscate illegal gaming machines, such as arcade games which are still found in retail shops under the FGCC. The label of skill-based entertainments.
The FGCC supervises commercial gaming, excluding the state lottery. This agency is responsible for slot machines, cardrooms, parimutuel betting, and other forms of gambling in Miami-Dade, Broward, and Broward Counties. It also oversees tribal gaming contracts “and other gambling forms authorized by state constitution.”
[ad_2]
