Magna Entertainment Corp announced today that they have reached an agreement with the Florida Horsemen Benevolent and Protective Association (FHBPA) regarding purse contributions from slot machine revenues at Gulfstream Park. Magna owns Gulfstream Park, and there has been some back and forth as to what the final amount would be. 

Under the terms of the agreement, they will now receive 7.5% of all slot machine revenues at the park once the first 500 slot machines are installed and running. Magna is planning on having those slot machines up and running before the end of October. They have the right under the law, to bring in as many of 1,500 slot machines, which they may do. If they decide to move forward with that plan, the FHBPA will receive 6.75% of the first $200 million of annual slot machine revenue, and 12.6% of annual slot machine revenues over that $200 million mark. 

Magna also said that they are moving ahead with the construction of their slot machine parlor, even though the Florida District Court of Appeal First District said yesterday that they were granting a summary judgment until it is decided whether or not the actual number of signatures to get the slot machine initiative on the ballot were indeed valid signatures. The group Floridians for a Level Playing Field filed the motion, for they believe that the slot machine initiative was brought in under false pretences. Magna is not concerned, they think that whether it goes to court or not, the slot machines are here to stay.

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