A new compact with the Seminole Tribe pending approval by Florida Legislature
Gov.
Rick Scott and the Seminole Tribe of Florida are betting the Florida
Legislature will approve a compact between the state and the tribe, and
they’re betting big — $1.8 billion guitar-shaped hotel big.The tribe outlined the details of the development at its Hollywood headquarters Monday to Scott, who was welcomed by the cheers of hundreds of Hard Rock employees. The $1.8 billion expansion plan was originally announced last spring, when the tribe began negotiations over the compact with the governor, and it continues to be touted as an economic reward for giving the tribe a statewide monopoly for certain casino games.
At the center of the proposal is the 800-room, 36-floor silver hotel, shaped like the body of a guitar rising from the Hollywood complex. The expansion also calls for five new restaurants, including a new Hard Rock Cafe, a buffet, dessert shop, nightclub and Swamp bar. If completed, as promoted, the tribe estimates the plan would create 19,452 jobs, including 4,867 full-time positions and 14,585 construction jobs, said Seminole Gaming CEO James Allen.
“We have created something that is, I think, an international tourist destination and an integrated resort that’s not just about gaming,” Allen said. “This will rival not just anything here in the state of Florida, but Atlantis [Paradise Island Resort in the Bahamas] and anything in the world.”
Allen said the hotel will feature Bora Bora-style cabanas, creating a space for guests to step straight from their room into a VIP pool. The plans also call for extended-stay villas to house guests, many expected to come from Latin America, who stay for months at a time.
The Seminole Hard Rock Tampa would also get a revamp, with a second, 500-room hotel tower and several new dining and retail options at that facility.
$1.8 billion Cost of expansion plan to Hard Rock hotels in Hollywood and Tampa
But the development hinges on a gambling compact between the state and the tribe, that although already approved by Scott, is facing opposition in the state Legislature, which must ratify any agreement. Neither the House nor Senate has drafted legislation to enable the compact amid steep opposition from the state’s existing gambling operators.
The 20-year gaming deal would give the tribe exclusive rights to operate blackjack, craps and roulette in its seven casinos in exchange for revenue-sharing payments, guaranteeing $3 billion to the state over seven years, beginning in 2017. The payments are based on a sliding scale that rises the more the tribe makes in profits.
Scott called it the “biggest compact ever signed,” and thanked Seminole tribal leaders for their help reaching an agreement.
“What the Seminoles have done in the state is remarkable,” Scott said at the announcement. “This compact will have a positive impact on job growth.”
Scott added that the compact would help preserve more than 3,500 jobs held by table games dealers and employees who are at risk of losing their jobs if a new compact is not agreed on. That’s because a five-year provision for card games such as blackjack and baccarat, which was part of the previous compact, expired in the summer.
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Hollywood Real Estate is booming at this time. Existing properties and new pre-construction projects in Hollywood are boosting real estate values in the whole area.
In Downtown Hollywood, several projects such as the H3 - Hollywood Station;
The Hyde Beach completely sold out, right on the beach.
Costa Hollywood in the Hollywood boardwalk area.
Margaritaville Resort on Hollywood Beach.
And one of the best and latest projects:
HYDE BEACH HOUSE
on the Intracoastal side of Ocean Drive, right across from the Hyde Beach and the famous Beach Club complex.
New projects will be announced, as things develop.
For more information or reservations on any of these projects or on
HYDE BEACH HOUSE
please call
Henry B. Nathan
(800) 416-2747
(954) 296-6741
hbnathan@gmail.com
