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Between a Rock And a Hard Place
Posted by editor_usa

Famous Company is Under New Ownership

Thursday 7
December 2006 @ 17:12
– GMT

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 today.

The Hard Rock business includes 124 cafes, four hotels, two 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 a pair of Elton’s high-heeled shoes, and Jimi Hendrix’s Flying V guitar.

“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.