Tabcorp to split its casinos from betting shops

According to Tabcorp, the demerge will compliment the different profiles and investment and investment orientation of both its branches.

According to Bloomberg, the largest Australian gambling business Tabcorp Holdings Ltd. intends to break up its casinos business from its betting shops, into a company on its own, and as an entitlement offer, it raised A$430 million ($425 million). It was stated that Tabcorp plans to do so in order to reinstate
betting-shop monopoly in Victoria State, and because they intend to enhance their venues (including the casinos in Queensland State and Sydney’s Star City, whose renovation has already begun) so as to attract more highroller players. Still, both business branches will need more capital money to cover for
these investments.

As Chairman John Story stated, “separate companies will enable the businesses to pursue different growth strategies.” There are speculations that the current CEO Elmer Funke Kupper (on the position since July 2007) will go through with the separation before his office is terminated, after which he will become a non-executive board member in the slot-machine and betting business, which will remain under the same, Tabcorp name.

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