March 13, 2005

Watching the Seminoles get Rich

If you are curious what Indian casinos look like, one successful one to check out is that of the Seminoles in Florida. They own and run a set of themed casinos, including the Seminole Hard Rock in Tampa and the Seminole Hard Rock in Hollywood, FL.

How much do they make?
Since opening in March, 2004 and May, 2004 respectively, both casinos have done extremely well - attracting 20,000 visitors per day and generating over $1B in annual revenues.

According to this article, that means that each of the 3,000 Seminoles in the tribe will receive about $42,000 per year, free health care, and college tuition. This amount may increase as the casinos do well.

Taxes
Maybe the only good news is that the IRS is investigating the tribes having recently sold $345 million worth of tax-free municipal bonds to fund yet two more of their themed casinos. But that will likely hit the bond-holders, not the bond-sellers if the IRS determines it isn't tax-free.

Jealousy
Yeah, I'll be the first to admit I'm pretty damn jealous. I thought we lived in a land of freedom and equality, but apparently I'm not the right race to share in the propsperity of gambling.

Posted by Cruzino at March 13, 2005 07:03 PM | TrackBack
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