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catallaxy in technical exile

Indigenous capitalists

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Seminole Indians grab Hard Rock:

    THE Seminole tribe of Florida said on Thursday that it had acquired Hard Rock International, the music-themed chain of restaurants, hotels, and casinos, from the Rank Group of Britain for $US965 million ($1.2 billion), one of the largest purchases ever by an American Indian tribe.
    The sale signals the exit of Rank from the restaurant industry, as it seeks to focus on its casino operations amid disappointing earnings. It is also the Seminoles’ largest acquisition yet in gambling, a business that the tribe first entered in 1979 with a series of bingo halls. The tribe, which draws about 90 per cent of its income from gambling, has sought in recent years to diversify its revenue streams.

    “You’re here for a special day in Seminole history,” said Max Osceola, a Seminole council representative. “Our ancestors sold Manhattan for trinkets. We’re going to buy Manhattan back, one burger at a time.”

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Written by Admin

December 10, 2006 at 8:43 am

Posted in Uncategorized

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