1. Follow Casinomeister on Twitter | Facebook | YouTube | Casinomeister.us US Residents Click here! |  Svenska Svenska | 
  2. By continuing to use the site, you agree to the use of cookies. You can find out more by following.Find out more.
    Dismiss Notice
  3. Sister site to Casino Max launches

    Roaring 21 has just launched - sister casino to Casino Max, and they have a special promotion for you!! .They are in the Baptism by Fire - you can check them out here: Roaring 21 BBF and special promo.


    Dismiss Notice
Dismiss Notice

BGO Exclusive Promo: 25 free spins with No Wagering on Archangels Salvation

Get Up to 25 free spins on Archangels: Salvation
No wagering requirements and No Max Win cap!

New Depositing players ONLY.
Dismiss Notice

Exclusive Afterlife: Inferno New Slot Comp - Win a Break in Florence & Other Prizes

To celebrate the launch, Casinomeister has teamed up with 3 casinos to run a competition where you can win a 3-day break* in Dante's stunningly beautiful birthplace of Florence in Italy (or a cash prize of £500) along with a number of smaller prizes for the best screenshots
Dismiss Notice
REGISTER NOW!! Why? Because you can't do diddly squat without having been registered!

At the moment you have limited access to view most discussions: you can't make contact with thousands of fellow players, affiliates, casino reps, and all sorts of other riff-raff.

Registration is fast, simple and absolutely free so please, join Casinomeister here!

Is Rank buy-out imminent?

Discussion in 'Sports Talk' started by jetset, Dec 3, 2006.

    Dec 3, 2006
  1. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    SHEDDING HARD ROCK COULD MAKE RANK MORE ATTRACTIVE

    UK bookie groups may soon be vying for Rank

    The UK business press was speculating this week on whether major bookie groups like William Hill and Ladbrokes could soon be making a bid for the UK gambling group Rank, or whether they would wait for the group to shed its Hard Rock Cafe components first.

    American gambling groups are known to be looking at the potential of acquiring Rank and/or Hard Rock, which is attempting to focus on its casino and bingo operations. Rank chief executive Ian Burke announced earlier this year that advisers were looking at options for Hard Rock (see previous InfoPowa reports). Buying Hard Rock could be expensive; UK analysts estimate the going rate could be as high as GBP 500 million.

    At the end of last week, Rank disclosed that US investment giant Fidelity had built up an 11 percent holding in the company, just days before this week's trading update, which is expected to include news about progress to find a buyer for Hard Rock.

    Rank's bingo business, Britain's second-biggest after Gala, is experienced intense competition as the number of casinos expands and Internet gambling sites in the sector grow in popularity. Smoking bans are likely to exacerbate land bingo problems.
     
  2. Dec 8, 2006
  3. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    Update

    RANK'S HARD ROCK SOLD TO FLORIDA SEMINOLES (Update)

    $965 million deal scheduled to close next March after shareholder approval

    The intense speculation surrounding the fate and possible buyers for the Rank Group plc's Hard Rock division ended this week with the announcement that the British gambling group had sold the business to the Seminole tribe of Florida for $965 million (GBP 490 million)

    Over the past week or more the UK business press has been speculating on whether major bookie groups like William Hill and Ladbrokes could soon be making a bid for the UK gambling group Rank, or whether they would wait for the group to shed its Hard Rock Cafe components first.

    Media reports claimed that American gambling groups were known to be looking at the potential of acquiring Rank and/or Hard Rock, which is attempting to focus on its casino and bingo operations. Rank chief executive Ian Burke announced earlier this year that advisers were looking at options for Hard Rock (see previous InfoPowa reports). Buying Hard Rock could be expensive, opined UK analysts who estimated the going rate could be as high as GBP 500 million.

    In a company statement announcing the agreement of sale, Burke said: Today's announcement sets a clear strategic course for Rank as a focused gaming business. We have maximised the value of Hard Rock through this disposal following a thorough strategic review and competitive auction."

    GBP350 million is to be returned to shareholders through a dividend payment of approximately 65p per share. In terms of the deal, Rank will retain the Hard Rock Casino in London but under the Rank Gaming brand, and is to focus on its gaming brands such as Mecca Bingo and Blue Square. Rank has also appointed Peter Johnson, the current head of Inchcape, as chairman. He will succeed Alun Cathcart who will retire at the end of February 2007.

    Lauding the sale, The Telegraph commented that the focus on UK facing gaming will place Rank in a position to tackle issues such as the introduction of a smoking ban in England next year. It says that Scottish Bingo halls have seen a drop in revenue since the introduction of a smoking ban, but that the group's Grosvenor Casinos have seen turnover rise 6 percent.

    The Financial Times analysed the sale, reporting that the deal is the result of over two weeks of negotiations between Rank and Seminole Hard Rock Hotels and Casinos, which is a collaboration between the Seminole Tribe of Florida and Hard Rock International. It calls the Hard Rock Caf one of the worlds most recognisable brands.

    The Hard Rock business includes 124 Hard Rock Cafes, four Hard Rock Hotels, two Hard Rock Casino Hotels, two Hard Rock Live! concert venues, and stakes in three unbranded hotels.

    With it, the tribe acquires what is said to be the world's largest collection of rock memorabilia, some 70 000 pieces including Jimi Hendrix's Flying V guitar, one of Madonna's bustiers, a pair of Elton John's high-heeled shoes and guitars formerly owned by Bob Dylan, Eric Clapton and Chuck Berry.

    "This is a proud moment for the Seminole Tribe of Florida and for all Indian tribes," said Mitchell Cypress, chairman of the elected Tribal Council. "It is also an opportunity for the Seminole Tribe to diversify its business operations and help a very successful company to achieve even greater growth."

    The sale, which is subject to shareholder approval, is scheduled to be completed in March.
     

Share This Page