Florida's Seminole tribe agreed on Thursday to purchase the Hard Rock Cafe restaurant and casino chain from a British gambling and leisure company for $965 million.
Rank Group is selling its 35-year-old business in order to concentrate on U.K. gambling.
The Hard Rock chain has 124 cafes, six hotels, and two casinos had a $500 million revenue last year and $70 million in operating profit.
The Seminole Tribe already operates Hard Rock-brand hotels and casinos in Tampa and Hollywood, Florida, and has become the leading gambling force in the state in the past two years.
The Seminole tribe has had troubled relations with Florida officials over the tribe's attempts to implement full Las Vegas-style casino gambling at their casinos. The tribe also has been involved in litigation and has been a target of the Internal Revenue Service, which has stepped up its examination of tax-free bonds used by the Seminoles and tribes in California to build casinos.
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