Following the sale of its Hard Rock Café chain to the Seminole tribe of Florida for $965 million (£490 million), British entertainment company Rank Group has announced that it now intends to focus on other areas of its business including its online activities.
The company has stated that it intends to focus on its online and phone betting businesses together with its casinos and bingo clubs, as it plots a new strategic course.
'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.'
The Rank Group has sold off a number of its leisure businesses in recent years including Butlin's, Warner Holidays, Odeon Cinemas, Pinewood Studios and pub chain Tom Cobleigh.
Its Hard Rock business made a pre-tax profit of £35m in 2005 and has 132 outlets worldwide. Rank confirmed that it would give £350m of the sale proceeds to shareholders via a special dividend.
December 8, 2006, 3:08 pm (5 years ago)
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