Revised gambling compacts win final legislative approval
Lawmakers have approved new gambling agreements with Indian tribes that will
increase the state's share of tribal casinos in exchange for extending the
term of compacts for 30 years. The House voted 53-16 on Wednesday to endorse
the gambling compacts negotiated by Gov. Bill Richardson and tribal
representatives. The Senate approved the agreements a day earlier. The next
step is for Richardson and individual tribes to sign compacts, which then
must be approved by the secretary of the U.S. Interior Department. The new
agreements will run until 2037 and replace existing compacts that are to
expire in 2015. The state is projected to get an additional $650 million
from tribal casinos by 2037. Ten of New Mexico's 13 tribes with casinos
currently support the proposed changes. Tribes that didn't sign on would
continue to operate under the existing agreements.
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