Seminoles Suing to Overturn Casino Gambling Contract
The Seminole Tribe of Florida is suing to overturn its casino gambling contract with Baltimore developer David S. Cordish, saying his company will earn as much as $2. 2 billion over 10 years for developing the tribe's two Hard Rock Hotel and Casino complexes despite taking on virtually no financial risk and "doing absolutely nothing" once the casinos opened in 2004.
In a lawsuit filed in Broward County Circuit Court in Florida, the Seminoles call their deal with Cordish "illegal and unconscionable," and say it violates a federal law prohibiting non-Indians from acquiring a "proprietary interest" in tribal gambling operations. It asks the court to negate the contract and force Cordish's Power Plant Entertainment subsidiary to repay more than $310 million in fees already received from the tribe. "Power Plant's advisory fees bear no rational relationship to services provided," the tribe says in the lawsuit. It claimed tribal leaders were unaware that the contract was illegal when they negotiated and signed it in 2000.
June 1, 2006
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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