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Seminole Tribe Acquires Hard Rock

Now that the Rank online casino gambling group has decided to really focus the company’s man-power on the internet gambling industry, others are certainly lucking out. After Rank announced some stellar first quarter results, the company went on to announce that many of the company’s holdings have been or will be sold so that Rank can focus on the booming European online casinos gambling market. And for the Seminole Indian Tribe in Florida, that meant the opportunity to purchase a successful Hard Rock restaurant, hotel, and land-based casino.

The Seminole Tribe, like other tribes in Florida, is involved in the land-based casino industry. In particular, the Seminole Tribe has just begun to operate Class III Slot machines. The Seminole Tribe purchased the Hard Rock from Rank for $965 million just a few short months ago. And since the Class III slot machines are really going over quite well with Floridians, it is no doubt that the tribe is able to afford such a large purchase. In the land-based (totally different rules for the online casino industry) gambling industry, Class III slot machines are considered the cash cow for all casinos because of the sheer amount of revenue they bring into any establishment.

Rank’s solid move into the online casino gambling industry is in part due to the success of Rank’s internet gambling division. Blue Square is Group’s online casinos gambling division, and first quarter profits showed a 37 percent increase in the division’s revenue. The areas of internet gambling include both the division’s sportbook interests and internet gaming.

And though the company is very pleased with the first quarter results, the statement also went on to state that the second half of 2007 would see slightly different results because of new UK legislation regarding betting companies, and the new Scottish smoking ban.