The US Department of the Interior has approved the two most recent gaming compacts, signed by Oklahoma’s Kialegee Tribal Town (KTT) and the United Keetoowah Band of Cherokee Indians (UKB).The compacts, negotiated and signed by Governor Kevin Stitt in July this year, cover Class III and table games, though not sports betting.
The KTT deal increases the basic tax on slots to 12% of gross revenue for the first two years, before raising it to 13% on revenue up to $300m, then 14% for revenue between $300m and $500m, and 15% on revenue above this sum.
The UKB deal, on the other hand, sets a 12% GGR tax on revenue up to $300m, increasing to 13% for revenue up to $500m, then to 15% on revenue above $500m.
The compacts also give the KTT rights to open a new casino in Eastern Oklahoma County, and UKB a similar facility in Logan County.
“The US Department of Interior recognizes the State’s good faith effort to negotiate with Oklahoma tribes in the approval of two new gaming compacts that will generate new revenue for public schools in the future and expand economic opportunity for our tribal partners,” Stitt said.
“I appreciate and respect the thoughtful leadership of Mekko Brian Givens and Chief Joe Bunch who worked hard to secure fair terms for their citizens, and whose contributions throughout the negotiations ensured a competitive gaming market in Oklahoma,” he continued.
