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Rank Group Letting Go of Hard Rock Brand

In the middle of a profit stress being experienced by its gaming business due to consistently increasing costs and a smoking ban at closed door public places in Scotland, Rank Group Plc has said it will consider a sale of its Hard Rock brand profit

In its official statement to the media, Rank Group, the U.K. owner of Grosvenor Casinos and Mecca Bingo clubs, has said that a 14% drop in sales in Scotland after the implementation of a smoking ban is causing a financially painful consequence at Rank's gaming units.

Rank also told the media that Merrill Lynch is currently helping the company in conducting a strategic review of Hard Rock, to find out if it can be retained or not. This review will be completed within a ''few months,'' Rank said.

Meanwhile, Rank has sold two divisions of its Deluxe Media Services division to Sony Corp. and is now deliberating on whether to sell the remaining parts of the subsidiary or not. Apparently, Rank is intent on letting go of its media industries to focus on expanding its major gaming, restaurant, and hotel businesses.

Rank's shares fell by 35% in 2006, which is the biggest drop in the FTSE 350 Travel and Leisure Index, which inversely gained 2.6 percent.