Casino owner, Rank Plc., announced that last weeks negotiations to sell their Hard Rock Casino entirely over to the Seminole Indian Tribe of Southern Florida have come to a close. The deal is reportedly worth £490 million, which Rank shareholders will receive a share of in the amount of 65p per share.

A total of £350 million will be returned to shareholders, while Rank continues putting their efforts into branding and strengthening their other casinos and gambling brands, such as the Hard Rock Casino in London and Mecca Bingo.

Rank's Chief Executive Officer, Ian Burke, stated the deal with the Seminole Tribe represents a strategic plan that is indicative of a focused and steadfast company mission. Following some recent challenges, such as a loss in business at brick 'n mortar bingo halls in Scotland (which Rank says was directly caused by the smoking ban in Scotland), Rank has been mulling over business opportunities that will generate cash flow and help the company sustain long term profit growth and greater return on investments

Rank is highly optimistic about the deal, which took nearly two weeks worth of negotiation talks with the Seminole Tribe, who have already managed two casinos under licensing agreements with Rank. Considering the two groups have collaborated over the years, the negotiation were much less "hard-balled" to say the least.

Under the leadership of new Chairman, Peter Johnson, Rank is looking forward to a new business model that will help jumpstart its established casino and gaming properties. Johnson will be replacing current Chairman, Alun Cathcart, who will be retiring before March, 2007.