Business Deals
New Mexico tribes renegotiate gaming compact

Eleven New Mexico tribes reached a new gaming compact with Gov. Bill Richardson (D) to share more revenues with the state in exchange for a longer agreement.

The tribes will share between 9.25 percent to 10.75 percent of their slot machine revenue, depending on the size of their facilities. Currently, the rate is capped at 8 percent.

The deal will last until 2045. State officials say it will generate about $1 billion in revenue.

The tribes that signed the agreement are the Pueblos of Acoma, Isleta, Laguna, Ohkay Owingeh, Sandia, San Felipe, Santa Ana, Santa Clara, Taos and Tesuque, and the Jicarilla Apache Nation. Pojoaque Pueblo and the Mescalero Apache Nation, tribes who only recently entered into a deal, have not yet signed.

The New Mexico Legislature has to ratify the compacts before they are sent to the Interior Department for approval.

Get the Story:
State, tribes agree on gaming compact (The Santa Fe New Mexican 1/27)
Tribes, Gov. OK Gaming Deal (The Albuquerque Journal 1/27)
Legislators to eye tribal compacts (The Albuquerque Tribune 1/29)