Categories
News

Every Seminole Child Is A Multi-Millionaire Before They Even Turn 18

Although the Seminole Tribe of Florida is wary of sharing tribal information with outsiders, they made the wise decision to appoint a non-native chief executive for their gambling operations.

After defeating 72 bidders in 2006, Jim Allen helped the tribe gain control of the Seminole Hard Rock Hotel & Casino. The Seminoles feared he’d gone insane, but by 2016, the astute businessman had amassed a sizable fortune for the tribe of little over 4,000 people.

He assisted them in generating over $5 billion in income from their numerous businesses, which include 23 hotels, 11 casinos, and 168 Hard Rock cafes. Allen was already exploring adding 25 more Hard Rock cafes to the Seminole’s property shortly after.

Because of his efforts, each tribal member receives $128,000 per year in monthly instalments. Prior to Allen’s arrival, the members had only received $30,000.

Members also get free private school and college tuition, senior citizen care, and universal health care in addition to their generous pay.

Because the child and parents are not allowed to receive any money from the trust funds until the children are adults, Seminole youngsters are multi-millionaires by the time they reach the age of 18.

The Children’s Trust Fund used to pay Seminole high school students $17,000 upon graduation, according to Deep South Magazine, but the amount has subsequently increased to $200,000.

The state of Florida has also reaped large sums of money thanks to a 2010 agreement in which the tribe agreed to make good faith payments to the state in exchange for exclusive rights to provide blackjack and other banked card games.

The Seminole tribe ceased making the $350 million yearly revenue-share payments in 2019 after the state broke the agreement.