- The CARE Act is a $2 trillion relief package proposal that will help fund casinos and sportsbooks that have been forced to shut down due to COVID-19.
- The National Indian Gaming Association (NIGA) will be receiving $8 billion in funding for their locations throughout the country should the bill be passed.
WASHINGTON – The CARES Act moved on to the House of Representatives after final discussions with the Senate resulted in a unanimous 96-0 favorable vote.
The CARES Act is a $2 trillion relief package for businesses such as legal sportsbooks and casinos that have had to shut down due to the Coronavirus pandemic. The National Indian Gaming Association (NIGA) issued a statement about the proposal and what it would mean for their Tribal gaming businesses.
“One centerpiece of the package for Indian Country is the Coronavirus Relief Fund (CVF). The CARES Act establishes a $150 billion CVF for tribal, state, local and territorial governments to help address the added stress on government budgets,” read the statement released by NIGA. “The tribal portion of the fund is $8 billion (5.33%). While NIGA and other Indian Organizations had pushed for a far larger amount, this set-aside for Tribal governments is historic recognition of the governmental status of Indian tribes. However, the program as written will provide both opportunities and challenges for tribes to fully utilize the fund to address tribal government-owned operation closures.”
The CARES Act will go before the House of Representatives for approval Friday.
If approved, the Secretary of the Treasury will have 30 days to come up with the proper plans in order to begin distributing funds. The Tribes will not be the only people that will benefit from CARES.
The Act is meant to help all individuals, businesses, and the general economy in the wake of the COVID-19 crisis. With so many being affected by a lack of income due to quarantines, CARES is meant to help alleviate the financial burdens that will be endured while closures and job losses remain in order to stop the further spread of the disease.
Sportsbooks and casinos will benefit if the CARES Act passes because they have much sports betting revenue with sports being on hiatus and have had to close facilities because of COVID-19. The Tribes will receive a total of $8 billion nationwide out of the $2 trillion package. While they have said that they would’ve hoped for a larger amount, they are very appreciative of all that the US government is doing to help bridge the gap during the current pandemic.
“We want to extend our sincerest gratitude to all of our Member Tribes and Congressional offices for the tireless work to provide critical resources for Indian Country to combat this pandemic. We will provide a model letter for Member Tribes to thank their Congressional Representatives and the hard working staff in their offices,” said NIGA.
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.