SEMINOLES SPENDING $100 MILLION ON UPGRADES THIS YEAR

SEMINOLES SPENDING $100 MILLION ON UPGRADES THIS YEAR

Another Florida tourist attraction is reinvesting in itself to generate even more revenue. Today we are talking about the Seminole Indians (not Florida State!) and their plans to both improve their properties and expand. In Hollywood, at the 2nd most popular (the most popular is in Tampa, at the Tampa Hard Rock) of the Seminoles’ 7 properties, the Hard Rock Hotel is running at 98% occupancy. So they are going to update the hotel rooms and suites, upgrade the entrance to the Property and the bar in the center of it and add a new restaurant. This property accounted for $600 million of the $2 billion dollars in gambling revenues they made in the past year. There are also plans to build a hotel next to the existing casino the Seminoles have in Immokalee. A food court will be added to the Seminole Classic Casino in Hollywood, a property largely overshadowed by the Hard Rock there. So like other major Florida tourist attractions like Universal Studios, Disney, Sawgrass Mills Mall, Town Center Mall to name a few, the Seminoles are wisely using their increased revenues to improve their brand and expand it. They are also working on a deal with the state to increase the amount and types of gambling permitted but that is an ongoing fight with no clear resolution in sight. But it does hold promise for even more increased revenues and expansion in the future should it ever pass. Right now the Seminoles have the exclusive right to blackjack and other table games in Florida which expires in 2015. They paid $262 million for them. The Hard Rock brand employs 3,700 people in Hollywood and 33,000 overall. As always thanks for reading and have a great day.