LONDON (Reuters) - British leisure group Rank (RNK.L) said on Thursday it had agreed to sell its Hard Rock cafe and casino business to the Seminole Tribe of Florida for $965 million.
Rank said the disposal would turn it into a pure gaming group, focusing on UK casino liberalization from next year.
Following the sale it intends to return 350 million pounds ($688 million) to shareholders by way of a special dividend, equivalent to 65 pence a share.
"Our strong portfolio of gaming assets will enable us to take advantage of the long-term growth in the gaming market," said Chief Executive Ian Burke.
Rank has shed British household names like Butlins holiday camps, Odeon cinemas and Pinewood film studios in a drive to get rid of its image as an old-fashioned conglomerate.
Hard Rock's portfolio includes 124 Hard Rock Cafes, 4 Hard Rock hotels, 2 Hard Rock casino-hotels, 2 Hard Rock Live! concert venues and equity stakes in three unbranded hotels.
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