Schwarzenegger signed a new compact for more slots

Jul 8, 2008 7:00 PM

by Ray Poirier | California Gov. Arnold Schwarzenegger and the Shingle Springs Band of Miwok Indians have signed a new compact that will permit the tribe to install as many as 5,000 Class III slot machines at its Red Hawk Casino.

That was good news for Lakes Entertainment Inc. (LACO), the company that is developing and will manage the casino.

Tribal officials said they plan to open their casino with 2,000 machines but will have the ability to increase their gaming floor according to business needs. The new compact runs through 2029.

In addition to adding some 2,000 jobs to the area, the casino has agreed to share its slots revenue with the state on a sliding scale percentage of net win from 20 percent to 25 percent.