Perdue administration officials and Cherokee leaders reportedly spent months negotiating the 30-year compact that will allow the Cherokee to offer live table gaming, greatly expanding the video games currently available at Harrah’s Cherokee casino.
The state’s take of the revenue will be channeled directly to N.C. school districts under Monday’s arrangement.
According to a release from the Governor’s press office, here are the finer points of the deal:
…The state will grant the Cherokee exclusive live table gaming rights west of Interstate 26. In exchange, the Cherokee will pay the state:
* 4 percent of gross receipts from live table gaming during the first five years;
* 5 percent the next five years;
* 6 percent the next five years;
* 7 percent the next five years; and
* 8 percent during the next ten years.
The President and CEO of the Asheville Area Chamber of Commerce projects the agreement could generate 400 jobs for the Asheville area.
The compact must be okayed by the N.C. General Assembly, and then sent to the U.S. Department of the Interior for final approval.