AMERICAN INDIAN TRIBE BUYS HARD ROCK BUSINESS
The Seminole Tribe of Florida is buying the Hard Rock business, including its massive collection of rock ‘n roll memorabilia, for $965 million (£495 million).
The purchase 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.
The tribe will also acquire what is believed 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 SIR ELTON JOHN’s high-heeled shoes and guitars formerly owned by BOB DYLAN, ERIC CLAPTON and CHUCK BERRY.
Tribal Council Chairman MITCHELL CYPRESS says, "This is a proud moment for the Seminole Tribe to diversify its business operations and help a very successful company to achieve even greater growth." The tribe made the deal with British casino and hotel company Rank Group PLC, who plan to keep the Hard Rock Casino in London under the Rank Gaming brand.
Nearly 3,300 Seminole Indians live on and off reservations throughout Florida. More than 90 per cent of the tribe’s budget now comes from gaming revenue.
Movie & Entertainment News provided by World Entertainment News Network (www.wenn.com)
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