Rank, the UK leisure group, has reached an agreement with the Florida-based Seminole Tribe of Native Americans to sell its Hard Rock café and casino business for US$965 (£490m).
The company said that the deal “completes the transformation of Rank from a diversified leisure group into a focused gaming business”.
The Hard Rock chain comprises 124 cafés, four hotels, two casino hotels, two concert venues and equity stakes in three unbranded hotels, throughout 43 countries.
There was considerable interest in the sale, with the field reportedly including former Six Flags chief executive Robert Pittman and private equity group Permira.
Rank’s continuing operations include Mecca Bingo, Grosvenor Casinos and the Blue Square online betting agency.
Meanwhile, the company has announced that Peter Johnson has been appointed as chair, to succeed Alun Cathcart who will be retiring from the board at the end of February next year.
The group also released its results for the 48 weeks to 26 November 2006, reporting a small increase in revenues, but said that since the introduction of the smoking ban in Scotland Mecca Bingo revenues north of the border have decreased by 15 per cent. Details: www.rank.com
