This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/6216292.stm
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Seminole tribe in Hard Rock deal | Seminole tribe in Hard Rock deal |
(about 3 hours later) | |
British entertainment company Rank Group has agreed to sell its Hard Rock Cafe chain to an American Indian tribe for $965m (£490m). | British entertainment company Rank Group has agreed to sell its Hard Rock Cafe chain to an American Indian tribe for $965m (£490m). |
The business is being bought by the Seminole tribe of Florida, which already runs Hard Rock-branded hotels and casinos in Tampa and Hollywood. | The business is being bought by the Seminole tribe of Florida, which already runs Hard Rock-branded hotels and casinos in Tampa and Hollywood. |
The Hard Rock business made a pre-tax profit of £35m in 2005 and has 132 outlets worldwide. | The Hard Rock business made a pre-tax profit of £35m in 2005 and has 132 outlets worldwide. |
Rank will now focus on online and phone betting, casinos and bingo clubs. | Rank will now focus on online and phone betting, casinos and bingo clubs. |
It has sold off a number of leisure businesses in recent years, including Butlin's, Warner Holidays, Odeon Cinemas, Pinewood Studios and pub chain Tom Cobleigh. | |
No surrender | No surrender |
Rank said it would pass £350m of the sale proceeds to shareholders via a special dividend. | Rank said it would pass £350m of the sale proceeds to shareholders via a special dividend. |
"Today's announcement sets a clear strategic course for Rank as a focused gaming business," said chief executive Ian Burke. | "Today's announcement sets a clear strategic course for Rank as a focused gaming business," said chief executive Ian Burke. |
"We have established clear plans to capitalise on the changes taking place in UK gaming." | "We have established clear plans to capitalise on the changes taking place in UK gaming." |
The 12,000-strong Seminole tribe has lands in Oklahoma and Florida, and its main business interests are in tobacco, tourism and gambling. | The 12,000-strong Seminole tribe has lands in Oklahoma and Florida, and its main business interests are in tobacco, tourism and gambling. |
The Florida Seminoles had relied on cattle, citrus fruits and federal loans for economic survival until the late 1970s, when they opened their first bingo hall and tax-free tobacco store. | |
The tribe now runs two massive Hard Rock hotels and casinos on two of its reservations in Florida and has gaming businesses on three other sites. | |
It is the only American Indian tribe never to have signed a peace treaty with the United States. | It is the only American Indian tribe never to have signed a peace treaty with the United States. |
Previous version
1
Next version