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Hard Rock, Seminoles Roll Dice in $315M Casino Venture

ORLANDO-The locally based restaurant company and the tribe jointly broke ground today on Indian reservations with a 90,000-sf complex in Tampa, FL and a 115,000-sf project in Hollywood, FL.

By Alex Finkelstein | Updated on May 03, 2002

ORLANDO-After 15 years of trying to block casino gambling in Florida, the state has acknowledged defeat as Orlando-based Hard Rock Café International Inc. and the Seminole tribe of Florida jointly break ground on two casinos on Indian reservations in Tampa, 80 miles west of Downtown Orlando and Hollywood, 20 miles north of Downtown Miami.

The $315 million undertaking is being funded by Capital Trust agency revenue bonds and will be paid back from Casino sales, Hard Rock says in a prepared statement. Hard Rock’s British parent, the Rank Group Plc of London, is buying $25 million in bonds.

The casinos are being jointly developed through a licensing agreement with Hard Rock, the Seminoles and Baltimore, MD-based Cordish Co. The projects are expected to open at an unspecified time in 2004.

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