Horizon Looking Good For Pompano

Published: April 29, 2010 04:44 pm EDT

With the signing by Florida governor Charlie Crist of the billion dollar deal with the Seminole Indian Nation, Pompano Park is about to reap some rich rewards

. How they are spent is another matter.

Those hoping for badly needed backstretch renovations may be in for disappointment, with Isle of Capri General Manger Rob Wyre telling the South Florida Sun-Sentinel, “Having been under the 50% slot tax for three years has prevented the shareholders from a fair return on their investment. We’re looking to improve that.”

The new deal includes a reduction in the tax from 50% to 35%, a wide open poker operation with former $800 pot limits gone and poker rooms now free to conduct events like $10,000 buy-in tournaments that could draw major players, and a reduction in machine licensing fees from $3 million a year to $2.5 million next year and $2 million in 2012. The south Florida tracks have indicated, however, that they do not want to price too many players out of competition, so tables may still be limited to accomplish that purpose.

Palm Beach Kennel Club gets an extra poker room, which may be used for the new higher limit games.

Steve Wolf, former senior director of operations at Pompano and now a south Florida gaming consultant, said of the new changes, “Everything opens up,” and he predicted the gambling experience would be better overall along with tourism, with the lure of wider games and the opportunities for gamblers to bring their families along for sun and surf.

Isle of Capri may move forward now with its delayed plans to build a hotel on its property, but Wyre said the company was still trying to gauge if the worst was over with the economy and added, “It’s too early to set a construction date.”

Under the compact, which still must be ratified by the U.S. Department of Interior within 45 days of Crist’s signing, Florida will get $435 million this year and a billion in five years, or $300 million more than that if tribal revenues increase as they are expected
to do.

(Harness Tracks of America)

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