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Florida Horsemen OK Slot Revenue Split

Tuesday, 18th July 2006

We-Have-Seen-The-Future Update 2: After months of wrangling, Magna Entertainment Corporation & Florida horsemen agreed "to the percentage of slots revenue that will increase horseracing purses at Gulfstream Park," reported bloodhorse.com. The agreement "calls for 500 machines to be installed by October 15 at Gulfstream Park (owned by Magna, which also owns 7 other tracks across the US). The contract specifies the Florida Horsemen's Benevolent & Protective Association will receive 7.5% of the earnings from Magna's initial installation of 500 machines; once 1,500 machines (the maximum allowed) are installed, the share drops to 6.75% of revenue less than US$200 million & 12.6% for revenues over that amount.

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