Under the sprawling branches of the "Council Oak" tree - site of multiple milestones, in the recent history of the Seminole Tribe of Florida, members of the Tribal Council today finalized the acquisition of Hard Rock International with a ceremonial closing event.

Chairman Mitchell Cypress, Vice Chairman Moses Osceola and other leaders of the Tribe signed a ceremonial acquisition resolution. As of early afternoon today, the Seminole Tribe officially took ownership of Hard Rock International, Inc.

In December, 2006, the Seminole Tribe announced it had contracted to acquire Hard Rock International and other related entities from The Rank Group Plc for approximately $965 million. Hard Rock International is one of the most globally recognized music, entertainment, leisure and dining brands and has a network of 124 signature Hard Rock Cafes in 46 countries. It includes the world's largest collection of authentic music memorabilia. The purchase includes the Hard Rock brand controlled by The Rank Group Plc and the entire collection of music memorabilia, as well as 68 company-owned Hard Rock Cafe Restaurants and retail stores, including 44 in the United States, three in Canada, 17 throughout Europe, three in Australia and one in Puerto Rico. The deal also includes licensing or franchise agreements for another 56 restaurants and five hotels, plus Hard Rock Live performance venues. Hard Rock Cafe International is headquartered in Orlando, Fla.

The purchase is believed to be the first of a major international corporation by a Native American Indian Tribe and marks a milestone in the growing economic power and prominence of the Seminole Tribe of Florida and other Indian tribes in today's business world. The Seminole Tribe is funding the purchase price from a combination of debt issued by a new Hard Rock operating company and equity funding from the Tribe's Gaming Division capital structure. The Seminole Tribe of Florida currently owns and operates two Seminole Hard Rock Hotels & Casinos in Tampa and Hollywood, Fla., under terms of a license agreement with Hard Rock International.

Growth Planned for Hard Rock International

Both Seminole Tribe Chairman Mitchell Cypress and Seminole Gaming Chief Executive Officer James Allen stressed the Tribe's plans to work with current Hard Rock International management to build on the existing growth plans and implement new strategies for accelerated growth for the company, which will continue to be headquartered in Orlando, Fla.

"This is a proud moment for the Seminole Tribe of Florida and for all Indian Tribes," said Cypress, who heads an elected Tribal Council. "It is also an opportunity for the Seminole Tribe to diversify its business operations and help a very successful company to achieve even greater growth. Hard Rock International has an experienced management team and dedicated employees at every restaurant, hotel and Rock Shop."

The driving force behind the Tribe's purchase of Hard Rock International is Seminole Gaming Chief Executive Officer James Allen, who is responsible for spearheading the tremendous success of the two Seminole Hard Rock Hotels & Casinos. Said Allen, "This is an outstanding opportunity. Licensing fees contributed by the Seminole Tribe have been in excess of 25 percent of Hard Rock International corporate profits, and this acquisition allows the Tribe to redirect those millions of dollars for the purchase of Hard Rock International. Given the huge success of Hard Rock International and the strong impact of Hard Rock hotels and casinos, the growth of this brand has unlimited potential."