Buying the Hard Rock “is a bold move,” he said, and the Seminoles could use the Hard Rock chain to market their casinos nationally. “The Seminole tribe has been phenomenally successful,” Weinert said. The Seminoles do not disclose revenue figures. Spectrum estimates the Seminoles will record earnings of $800 million to $900 million this year, which would rank it third among publicly traded casino companies. The Seminoles were the first tribe to venture into casinos and are now one of the largest, said Joe Weinert, vice president of Spectrum Gaming Group LLC, a casino consulting firm in Atlantic City, New Jersey. Cattle ranching, the Big Cypress citrus grove, the Billie Swamp Safari and tobacco sales are among their other businesses. The Seminoles have seven casinos, including the two Hard Rock sites in the Florida cities of Tampa and Hollywood. There are potential sites for new hotels inside and outside the U.S., Allen said. “We think there is a tremendous opportunity to continue to expand the brand in hotels,” James Allen, chief executive officer of Seminole Gaming, said in a telephone interview. The sale of Hard Rock completes a six-year breakup of Rank, which hasn’t generated an annual profit since 2003. The tribe, based near Fort Lauderdale in Florida, draws more than 90 percent of its money from gambling after opening its first bingo hall and casino in the U.S.

Hard Rock owns 124 cafes, six hotels and casinos, and two concert venues. Rank, Britain’s second-biggest casino company, is selling the unit to focus on gambling. The tribe, which already owns two Hard Rock hotel-casinos, said in a statement it will fund the acquisition with debt and equity. The Seminole Tribe agreed to buy the Hard Rock restaurant, hotel and casino chain from Rank Group Plc for $965 million, the biggest purchase outside the U.S. Digital Replica Edition Home Page Close Menu

Hard rock casino owned by tribe