Tuesday, April 10, 2007

The Seminole Tribe of Florida fought the U.S. Army in the 1800s and resisted
forced migration to Oklahoma. A century later, they rescued themselves from
poverty by becoming the first tribe to venture into the gambling business.
Now is the time for an ambitious new challenge: being the first American
Indian tribe to buy a global company. The Seminoles finished their $965
million purchase of Hard Rock International's restaurants, hotels and
related businesses from British-based Rank Group PLC on March 5. Its 3,300
members are in the position to add to their already impressive wealth. The
acquisition also speaks to something deeper: a respect for an ancestry of
"unconquered warriors," whose kin are motivated by history and preserving
their culture. "I don't think the measure of how much money comes into the
tribe is the benchmark," tribe Vice Chairman Max Osceola said. "I think the
measurement is what you do with it. Money only buys convenience. It doesn't
buy character." American Indian tribes are profiting from gambling, and
Florida is where it all began. The Seminoles became the first U.S. tribe to
offer high-stakes gambling in 1979, when they opened a bingo hall in
Hollywood, Fla. The bingo hall survived several court challenges, and in
1988 Congress passed the Indian Gaming Regulatory Act, which established
federal regulatory authority and standards. Since then, Indian gambling has
greatly expanded. It generated $22.6 billion in revenue in 2005, up 14.6
percent from the previous year, according to the Indian Gaming Industry
Report by Alan Meister, an economist with Analysis Group. Florida's
tribes -- the Seminoles and the Miccosukee Tribe of Indians -- were sixth
highest-grossing, with more than $1.26 billion in revenue in 2005, up 36.1
percent from 2004, the study showed. The Seminoles account for a large chunk
of the state's Indian gambling revenue, and 90 percent of their budget comes
from gambling. They have seven casinos, including the thriving Hard Rock
Hotel and Casinos in Hollywood and Tampa.