![]() The deal is expected to close next March, pending approval from Rank shareholders. The Seminoles will finance the deal through both equity from the tribe and through debt issued by a new operating company, which will control Hard Rock. The company also owns what it says is the world’s largest collection of rock memorabilia, including items from Elvis, Bob Dylan and Madonna.įor the year through June, Hard Rock reported revenue of £133.7 million ($262.5 million), and profit before interest and taxes of £18.9 million ($37.1 million). In trading in London yesterday, shares of Rank fell more than 4 percent, to 255.5 pence amid concerns that it had sold the franchise for too low a price.įounded in 1971 in London, Hard Rock employs about 7,000 at 124 restaurants in 45 countries, as well as at seven hotels, two casinos and two concert venues. Rank put Hard Rock up for sale this summer. We’re going to buy Manhattan back, one burger at a time.” “Our ancestors sold Manhattan for trinkets. Osceola Jr., a Seminole council representative. “You’re here for a special day in Seminole history,” said Max B. The tribe, which currently draws about 90 percent of its income from gambling, has sought in recent years to diversify its revenue streams. It is also the Seminoles’ largest acquisition yet in gambling, a business the tribe first entered in 1979 with a series of bingo halls. The sale signals the exit of Rank from the restaurant industry, as it seeks to focus on its casino operations amid disappointing earnings. Review-Journal reporter Howard Stutz and The Associated Press contributed to this report.The Seminole Tribe of Florida said yesterday that it had acquired Hard Rock International, the music-themed chain of restaurants, hotels and casinos, from the Rank Group of Britain for $965 million, one of the largest purchases ever by an American Indian tribe. In June, Morgans hired former M Resort executive Joe Magliarditi as chief executive officer, replacing Randy Kwasniewski, who died March 9 from a self-inflicted gunshot wound. The arrests brought scrutiny from Nevada gaming regulators, which opened an investigation into the program.Ī spokeswoman for the Hard Rock did not return a phone call or e-mail message seeking comment on the case. In 2009, Las Vegas police arrested eight people on prostitution and drug charges. The lawsuit is not the first time the Rehab pool parties stirred up controversy. ![]() The lawsuit says the show portrays the hotel-casino as a place that "revels in drunken debauchery, acts of vandalism, sexual harassment, violence, criminality and a host of other behavior" that most people would find offensive, including patrons of Hard Rock restaurants. But as part of the agreement, the Las Vegas location also had to abide by licensing and trademark rules, including protecting the goodwill of the trademarks. Morton retained ownership of the Hard Rock Hotel and Casino when he opened in 1995 - as well as the option to develop additional properties under the trademarks Hard Rock Hotel and Hard Rock Casino in the Western United States, the complaint noted. The 110-page lawsuit, which was filed in New York District Court on Tuesday, notes that the restaurant chain was co-founded by Peter Morton. If the restaurant chain wins its lawsuit, the hotel-casino would be forced to change its name and brand, which have been central to its strategy of marketing to music lovers and others who know the Hard Rock name. Hard Rock Cafe agreed to let the hotel use its name, but now wants to rescind the deal. New York-based Morgans Hotel Group Co., a company entirely separate from the cafe chain, owns 14.2 percent of the Hard Rock and operates it day-to-day. "The behavior depicted in the Rehab television program that is authorized, created and distributed by defendants is entirely at odds with the brand image of the Hard Rock marks (trademarks) and is likely to damage and has damaged the goodwill of the Hard Rock marks among consumers,” the lawsuit said. said in a new lawsuit that the cable reality show "Rehab: Party at the Hard Rock Hotel" on truTV casts its brand in a bad light.Īccording to the lawsuit, the television show portrays the hotel-casino as a place that "revels in drunken debauchery" and other actions that most people would find offensive. Lawyers for Hard Rock Cafe International Inc. Owners of the Orlando-based Hard Rock Cafe restaurant chain have sued owners of the Hard Rock Hotel and Casino in Las Vegas over its name, saying the casino’s party image has damaged the name enough to justify ending a 14-year-old licensing agreement. Are pool parties at the Hard Rock Hotel free publicity for the Hard Rock name? Or an example of "drunken debauchery" and excess that casts the Hard Rock name in a negative light?
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