Seminole Tribe of Florida Takeover
On December 7, 2006, Rank sold its Hard Rock business to the Seminole Tribe of Florida for $965 million. Included in the deal were 124 Hard Rock Cafes, four Hard Rock Hotels, two Hard Rock Hotel and Casino Hotels, two Hard Rock Live! concert venues, and stakes in three unbranded hotels. Rank retained the Hard Rock Casino in London, and rebranded it the G Casino Piccadilly. The Hard Rock Hotel and Casino in Las Vegas was also not part of the deal, as it was sold by Peter Morton to Morgans Hotel Group in May 2006. The final takeover was mired in controversy, due to a payment clause in a contract with one casino developer, Power Plant Entertainment. Power Plant and the Seminoles announced a settlement in April 2007 which both sides called equitable.
On January 8, 2007, Rank shareholders approved the Seminoles' $965 million offer. The Tribe announced it finalized the deal on March 11, 2007. The Seminole Hard Rock Hotel & Casino in Hollywood, Florida gained some notoriety on February 8, 2007 when Anna Nicole Smith died while occupying a room in the hotel.
On June 22, 2008, the Seminole Hard Rock Hotel & Casino Hollywood began "Vegas-style" table gambling in addition to the Class II slots already in operation. To win approval for the table games, which were barred under Florida law, the Seminole Tribe paid the State of Florida $100 million as part of a 25-year pact signed by Governor Charlie Crist. On July 3, 2008, the Florida Supreme Court ruled that the governor's agreement was unconstitutional, but table games continue to operate because the Federal Department of the Interior approved the now-invalid pact with the state.
Read more about this topic: Hard Rock Cafe
Famous quotes containing the words seminole, tribe, florida and/or takeover:
“In one notable instance, where the United States Army and a hundred years of persuasion failed, a highway has succeeded. The Seminole Indians surrendered to the Tamiami Trail. From the Everglades the remnants of this race emerged, soon after the trail was built, to set up their palm-thatched villages along the road and to hoist tribal flags as a lure to passing motorists.”
—For the State of Florida, U.S. public relief program (1935-1943)
“Never in misfortune nor in prosperity may I share my dwelling with the tribe of women.”
—Aeschylus (525–456 B.C.)
“In Florida consider the flamingo,
Its color passion but its neck a question.”
—Robert Penn Warren (1905–1989)
“A poet is a combination of an instrument and a human being in one person, with the former gradually taking over the latter. The sensation of this takeover is responsible for timbre; the realization of it, for destiny.”
—Joseph Brodsky (b. 1940)