December 7th, 2006, 20:07
Rank sells Hard Rock for ┬г490m
Leisure group Rank has sold the business for $965m (┬г490m) to the Seminole Tribe of Florida, which adds Hard Rock to its existing casino and tourism operations.
Rank will return ┬г350m to shareholders via a special dividend from the sale, which is expected to be completed in March.
Ian Burke, chief executive of Rank, said: "We have maximised the value of Hard Rock through this disposal."
Rank will continue to own the Hard Rock casino in London as the group has been restructuring and selling off businesses to focus purely on its Mecca Bingo and casino gaming operations.
By focusing on gaming, Rank believes it will also be better placed to tackle issues such as the introduction of a smoking ban in England next year.
Rank's Mecca Bingo halls in Scotland have seen revenue fall 15pc year-on-year since the smoking ban was introduced north of the border in March, according to a trading statement today.
Merrill Lynch and Goldman Sachs advised Rank on the sale of Hard Rock.
London D. Telegrph - 7/12/2006
Leisure group Rank has sold the business for $965m (┬г490m) to the Seminole Tribe of Florida, which adds Hard Rock to its existing casino and tourism operations.
Rank will return ┬г350m to shareholders via a special dividend from the sale, which is expected to be completed in March.
Ian Burke, chief executive of Rank, said: "We have maximised the value of Hard Rock through this disposal."
Rank will continue to own the Hard Rock casino in London as the group has been restructuring and selling off businesses to focus purely on its Mecca Bingo and casino gaming operations.
By focusing on gaming, Rank believes it will also be better placed to tackle issues such as the introduction of a smoking ban in England next year.
Rank's Mecca Bingo halls in Scotland have seen revenue fall 15pc year-on-year since the smoking ban was introduced north of the border in March, according to a trading statement today.
Merrill Lynch and Goldman Sachs advised Rank on the sale of Hard Rock.
London D. Telegrph - 7/12/2006