SEARCH NEWS:

 

Tribal Casino Deal Could Ease California's Money Woes

SACRAMENTO, California – As reported by the Associated Press: "An agreement with Indian gambling interests that would generate nearly $1.3 billion for the state next year has not been signed, but budget negotiators have already seized on the new revenue as the potential bridge between Gov. Arnold Schwarzenegger and the Democrat-controlled Legislature.

"Democratic leaders say they want to add at least $400 million to the governor's proposed $103 billion spending plan for next year.

"The wish list, lawmakers and legislative aides say, includes money to lift a cap on enrollments at state colleges and universities that will cost about $60 million. They want to restore $98 million that will help pay wages of home care providers to the disabled, according to sources in the Assembly. And Senate Democrats want to provide a cost of living increase to welfare recipients that will add about $234 million to the governor's plan, according to aides in the Senate.

"…Details of the evolving compact with five tribes indicate it would provide the state an immediate $1 billion payment, expected to be financed by a bond sale backed by casino profits. Tribes also would pay $275 million in annual fees until 2030…"

< Gaming News