Casino News

Hard Rock price shoots up

2007-03-12 16:10:40

The price agreed for Rank Group's Hard Rock division has risen by millions of pounds due to fluctuating interest rates, it has been revealed.

In December of last year a deal was agreed between Rank and the Seminole tribe in Florida, which would see the tribe purchase the business for $965 million.

At the time that amount was worth £490 million, but the combination of a stronger pound and a weaker dollar have meant that the figure rose to £500 million as the deal awaited approval from Rank shareholders.

Rank had previously said that it would pass on £350 million of the figure to the shareholders.

The Seminole tribe already runs casinos and hotels under the Hard Rock name in Hollywood and Tampa. Around 12,000 US residents class themselves as Native Americans with an affiliation to the Seminole tribe only, according to the 2000 US Census.


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