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Casino Slot Law Passed by Florida Legislature

For those of you who love casino slot machines, and live in Florida, good news is coming your way. Magna Entertainment Corp. has recently announced the passing of new legislation authorizing casino slot machines operation in existing, licensed Broward County, Florida pari-mutuel facilities. These venues must have first held live racing or games during the 2002 and 2003 seasons. Finally, after state-wide voter approval of Amendment 4, the Florida legislature has agreed to pass this legislation which will now be under review for 15 days. After this time period, the Governor of Florida will decide whether or not to sign the legislation into law. Casinos slots fans will now be able to play on the east coast of Florida.

A 50 percent tax rate on gross gaming revenues will be taken from the 1,500 Class III casino slots, which will go directly towards public education in Florida. In addition, each facility will be subject to a $3 million annual licensing fee for the purpose of covering administrative costs. Casino slots fans shouldn’t hesitate – a world of gambling and slots is waiting for you on the beautiful, sunny east coast!

With the growing popularity of gambling, casinos, and even online casino sites, it is expected that more states in the US will be passing legislation and laws to permit casino gambling to take place within its borders. Where it stands on online casino gambling is another story and a completely grey area. While the future of the US online casino industry remains unclear for many online casinos fans, the law is proving to lean in favor of casino gambling, one slot machine parlor at a time.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.