Seminole
Want to Buy Out Contract
As reported by the Florida
Sun-Sentinel: "The Seminole Tribe wants
to buy out its contract with the developer of
its Hard Rock hotel casinos, less than two years
into a deal that could cost the tribe at least
$1.2 billion over the next decade.
"Seminole leaders
have begun negotiations with Baltimore-based
Cordish Corp, which built the luxury hotels
that opened last year on tribal land in Hollywood
and Tampa, tribe spokesman Gary Bitner said.
The tribe would continue to run the casinos
and would also assume management of the hotels
and Seminole Paradise, a complex of high-end
shops, restaurants and nightclubs at the Hollywood
Hard Rock.
"The current contract calls for Cordish
to receive 30 percent of net hotel and gaming
profits, expected to reach more than $400 million
this year, according to the tribe and financial
records.
"The tribe estimates Cordish would make
approximately $120 million per year under the
10-year contract, or $1.2 billion…"
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