The Seminole Tribe of Florida isn’t required to disclose revenue generated by its seven casinos, but the Miami Herald recently calculated estimated figures using effective revenue sharing rates and reviewing payments received.
For the fiscal year ending June 30, 2016, the newspaper estimated Seminole Hard Rock Hotel & Casino in Tampa, the tribe’s most profitable property, posted revenue totaling $967 million—significantly more than any major Las Vegas Strip resort makes from gaming. Hard Rock Hollywood came in second with $579 million in revenue.
The Seminoles won about $2.3 billion in gross gaming in the fiscal year. The tribe shares 12-15 percent of net win with the state of Florida; the actual percentage based upon total income. In comparison, South Florida’s eight horse and dog racinos generated a total of $578 million in revenue and poker rake.
One key to the tribe’s fortune is its blackjack exclusivity. In 2010, the Seminoles signed a compact with Florida giving the tribe exclusive rights to blackjack in exchange for $1 billion over a five-year period. However, that arrangement expired in 2015. The state sued the tribe to force it to stop offering blackjack, and the tribe countersued claiming the state violated the compact by allowing parimutuel racinos to offer blackjack and other banked card games.
Last month a new agreement was arranged, under which the Seminoles will pay Florida $340 million annually in exchange for keeping their monopoly on blackjack through 2030. Both sides agreed all legal action will be ended and no further lawsuits regarding gaming rights will be filed during the compact period.
Across the U.S., the National Indian Gaming Commission reported Native American casinos generated $31.2 billion in gross gaming revenue in 2015, a 4.4 percent increase. In the same time period, Nevada and Atlantic City casinos made a combined $13.7 billion.
