After a marathon legislative session that lasted over 15 hours, lawmakers in the Virgin Islands approved a franchise agreement meant to revitalize the horse racing industry on the islands.
The Virgin Islands Consortium reports that the senate approved the proposal between Gov. Kenneth Mapp's administration and VIGL Operations, LLC, which is worth an estimated $27 million.
The publication reports that the proposal has VIGL spending $27 million to rebuild the racetracks in St. Thomas and St. Croix. In addition, the current law would be changed to allow VIGL to operation video slot machines at both facilities.
Other main points of the new 20-year lease agreement are – combining the two racing commissions into one governing body; increasing the taxes on slot machine gambling; increasing race purses to fund a minimum of 18 live races for the first three years, and a minimum of a combined 24 live races thereafter between the St. Thomas and St. Croix facilities.
Read more in The Virgin Islands Consortium
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