Seminole Tribe To Buy Hard Rock Cafe

$965 Million Deal Includes Restaurants, Hotels, Casinos And Huge Rock Memorabilia Collection

(AP)  The Seminole Tribe of Florida is buying the Hard Rock business, including its massive collection of rock 'n' roll memorabilia, in a $965 million deal with British casino and hotel company Rank Group PLC, the tribe announced Thursday.

The Hard Rock business includes 124 Hard Rock Cafes, four Hard Rock Hotels, two Hard Rock Casino Hotels, two Hard Rock Live! concert venues, and stakes in three unbranded hotels.

With it, the tribe acquires what is said to be the world's largest collection of rock memorabilia, some 70,000 pieces including Jimi Hendrix's Flying V guitar, one of Madonna's bustiers, a pair of Elton John's high-heeled shoes and guitars formerly owned by Bob Dylan, Eric Clapton and Chuck Berry.

"This is a proud moment for the Seminole Tribe of Florida and for all Indian tribes," said Mitchell Cypress, chairman of the elected Tribal Council. "It is also an opportunity for the Seminole Tribe to diversify its business operations and help a very successful company to achieve even greater growth."

Cypress and Seminole Gaming Chief Executive James Allen said in a statement that the tribe would work with current Hard Rock International management to build on existing growth plans.

In addition to its two Seminole Hard Rock hotels & casinos, the Seminole Tribe owns and operates five other casinos in Florida. More than 90 percent of the tribe's budget now comes from gaming revenue.

Nearly 3,300 Seminole Indians live on and off reservations throughout Florida.

The tribe was the first American Indian group to get into the gambling business when it opened a bingo hall in 1979 in Hollywood, Fla. That led to other casinos on reservations in Florida and sparked the interest of other tribes across the nation.

U.S. tribes now have more than $22 billion in annual revenues from gambling, according to government figures.

Peter Morton, co-founder of the Hard Rock brand, sold his interests to Rank Group in 1996 for $410 million. He had retained ownership of the Hard Rock Hotel and Casino in Las Vegas, but sold that to Morgans Hotel Group Co. for $770 million in cash in May.

Rank, which said the sale freed it to concentrate on gambling, retained the Hard Rock Casino in London and plans to change it to the Rank Gaming brand.

"We have maximized the value of Hard Rock through this disposal following a thorough strategic review and competitive auction," said Rank Chief Executive Ian Burke.

Burke said the company would return $690 million of the sale proceeds to shareholders in a special dividend of $1.28 per share.

Last year, Hard Rock posted revenue of $493 million and profit before interest and taxes of $68.6 million, Rank said.

The sale, which is subject to shareholder approval, is scheduled to be completed in March.

[cryonbrian]

Thomderr I am glad that you showed up.

Like I said before, all these white folks became Indian when the benefits started to flow! FACT! Like it or not that is just the way it is! Donald Trump said it best %u201Cthey all like white folks to me%u201D I wonder how many Seminole he knows?

And antoniorego, you are a bit confused? You mean the Golden Hill Paugussetts in Connecticut are all Black. And no they did not get recognition as an Indian tribe! They did not pass the skin test! Kind of strange that entire section of Connecticut is named after this tribe but no such tribe exists? Oh I forgot the White man purchased all of Indian owned land legally just like in the old Kohn Wayne movies!

[thomderr]

Sorry I got to this so late...
"cryonbrian" has most likely sniffed too much Krylon.
Does he personally know any members of the Seminole Tribe? The only tribe NOT to sign a treaty with the U.S.?
No.
I am not a member of this proud tribe, but count many of them as my respected friends.

[olebd]

$22 Billion in annual gambling revenue!!!! If they do it right, they can eventually buy back America!!! Bush is looking for loans, guys!

[cryonbrian]

It amazes me how all of these white folks claim to be part Indian when the government started handing out money and tax breaks! Before that they were all just good old white folks trying to preserve the white race! I can bet one of their casinos that if they have any Indian blood in them it was not from any romantic union like those silly cowboy movies that stared John Wayne! 99.9% those relationships were by white men forcing themselves on those Indian women! And for the record I am not racist I am only telling you what is in your history books! Fact!

[gramto7]

Cryonbrian,
You expected maybe a brick red 'Injun'? How absolutely racist could a person be?

None the less still Indians cryonbrian...let this be a lesson for all tribes around the world of what you can do if you stick together and play nice.......

[cryonbrian]

Ok, like they are really American Indians? They are white!