Presenting the fiercest rock n’ roll makeover: Hard Rock transforms into an Indian casino.
The Seminole tribe of Florida, fathers of Native American Indian casino gaming — now a $22 billion a year business, is buying Hard Rock. The very expensive purchase includes Hard Rock casinos, hotels, restaurants, and what is reputed as the world’s largest collection of rock n’ roll memorabilia.
The Hard Rock acquisition is believed to be the record first by any Native American Indian tribe of a major international corporation of its size, a groundbreaking $965 million deal with a British company, Rank Group PLC. Indian casinos Foxwoods and Mohegan Sun have previously made similar if less costly partnerships with two separate non-Indian casino gaming entities.
The sale, scheduled to be completed in March 2007, entitles Florida’s Seminole Indians to owning 124 Hard Rock Cafes, four Hard Rock Hotels, two Hard Rock Casino Hotels, two Hard Rock Live! concert venues, and stakes in the Hard Rock business’ three unbranded hotels. For its part, London-based Rank has retained the Hard Rock London Casino and rebranding it into Rank Gaming.
The purchase excludes Hard Rock business owned by Morgans Hotel Group, which are the Hard Rock Las Vegas Casino and Hard Rock intellectual property in Australia, Brazil, Israel, Venezuela, and many US regions west of the…