Hard Rock sold to Seminole tribe

Posted | Contributed by Brotherbehr

Britain's Rank Group said on Thursday it had agreed to sell its Hard Rock cafe and casino business to the Florida Seminoles for $965 million. Rank said the disposal would turn it into a pure gaming group, focusing on UK casino liberalization coming next year. Following the sale it intends to return $688 million to shareholders by way of a special dividend, equivalent to 65 pence a share.

Read more from Reuters via CNN.

Is this going to affect the Hard Rock Park at all as far as maybe not opening or anything? The details in the article were so vauge.

Okay I just read on an online myrtle beach news site that the sale will NOT affect the park. The park has a long term contract that trasferred with the sale so it is still opening! Woo Hoo!

*** This post was edited by Jubilee 12/8/2006 5:30:00 PM ***

Hmmm... Rank Group also has online gambling interests. Given that the US government has started arresting and charging executives from foreign companies involved in online gambling, it does not surprise me that Rank Group basically dumped it's US assets.

*** This post was edited by greatwhitenorth 12/14/2006 6:17:24 PM ***

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