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Seminole Tribe to Own Coconut Creek Casino

FLORIDA – As reported by the Miami Herald: "The Seminole Tribe of Florida will be the sole owner and operator of the Coconut Creek casino, under the terms of a lawsuit settlement the tribe announced Tuesday.

"Tribal leaders reached the accord with Coconut Creek Gaming, the partnership that built the $20 million casino in Coconut Creek, according to the tribe.

"Coconut Creek Gaming stood to pocket more than $200 million from a 10-year lease agreement with the tribe. But the tribe questioned the validity of the lease agreement and stopped making monthly rent payments.

"…Under the lease terms, the tribe was required to repay Coconut Creek Gaming for the cost of construction, gaming equipment and other start-up expenses from the casino's net revenues. It took the tribe just eight months from the casino's opening to pay back about $20 million to the developer.

"Now, tribal leaders say they are looking forward to the May 11 opening of the Seminole Hard Rock Hotel & Casino in Hollywood with one less lawsuit to worry about…"

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