Acquisition By The Seminole Tribe of Florida
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.
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