Seminole Tribe of Florida buys Hard Rock
AP, Dec 7, 2006 8:17 am PSTThe 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 the tribe would work with 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. Rank said it would keep the Hard Rock Casino in London but under 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.
The sale, which is subject to shareholder approval, is scheduled to be completed in March.
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On the Net:
Seminole Tribe of Florida: http://www.seminoletribe.com
Rank Group: http://www.rank.com
Hard Rock: http://www.hardrock.com/
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