Seminole Want to Buy Out Contract

14 Oct 2005

FLORIDA – 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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	Seminole Want to Buy Out Contract 14 Oct 2005 FLORIDA – 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…"