Tag Archives: ASX

Dwyer and Attenborough warn of Tabcorp’s civic duties as company transitions to a new era

Tabcorp Holdings Group CEO David Attenborough and Executive Chair Paula Dwyer have issued their final joint statements as the corporate leaders of the Australia ASX gambling and lotteries firm.  As previously communicated to markets, Attenborough and Dwyer will formally depart from all Tabcorp leadership and governance duties prior to the firm’s 2021 AGM. The leadership duo, who have led the …

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Tabcorp double burdened by covid and group impairment charges

Tabcorp Holdings has declared annual statutory operating losses of AUS $870m (€520m), as group performance was anchored by a combination of asset impairment charges and COVID-19 impacts recorded across its retail wagering portfolio.  Publishing its 2019/2020 financial results, the ASX-listed gambling group recorded a 5% decline in group revenues, falling to AUS $5.22bn (FY2018/19: $5.44bn), with the company absorbing double-digit …

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Melbourne spike sees Tabcorp close TAB Victoria betting shops

Tabcorp Holdings has been forced to close a significant number of TAB betting shops and agents across Victoria, after State Premier Daniel Andrews enforced a further coronavirus lockdown. On Monday, following a spike of more than 200 new cases in the district area of Melbourne, the Victoria government issued a border closure between Victoria and New South Wales – Australia’s …

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Tabcorp secures debt interest amnesty for 2020  

Tabcorp Holdings has reached an agreement with its US debt holders which will allow the ASX gambling group to defer payments on its debt covenants.  Last month, Tabcorp communicated that it had entered negotiations with US debt holders to obtain new ‘covenant terms’ on its corporate debt tranche of AUS $2.1 billion, maximising financial flexibility as it looks to navigate …

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Tabcorp cancels 2020 dividend as part of new debt arrangement

Tabcorp Holdings has informed investors that the company will sanction no dividend in relation to financial-year 2020 trading. The firm has been forced to terminate the 2020 dividend (fiscal year ending 30 June) as part of its agreed terms with bank lenders, allowing the ASX betting group to waiver approximately AUS $2.2 billion (€1.3bn) of debt covenants until 2021.  Updating …

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Tabcorp boosts TAB broadcast capacity with NBA TV deal

Australian ASX gambling group Tabcorp Holdings has announced a major coup for its TAB sportsbook subsidiary, which has become the official Australia broadcast and betting operator for the NBA. Securing a multi-year agreement, TAB is set to broadcast ‘NBA TV’ across its digital platforms and 4,400 retail venues. Confirming the partnership Scott Levy, Executive VP of NBA Asia, said: “Tabcorp’s extensive …

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Tabcorp shuts down Lottery split rumours

David Attenborough, the Chief Executive of Australia ASX-listed gambling group Tabcorp Holdings has stated that the company holds no intentions in splitting its lucrative lotteries and keno division into a separate entity, dismissing speculation as ‘complete nonsense’. Yesterday, Tabcorp investors were served mixed results as the company published 2018/2019 accounts (12-month period ending 30 June), reporting on the firm’s first …

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Tabcorp defends ‘POC position’ against Racing Queensland

Australia ASX-listed gambling group Tabcorp Holdings faces a legal dispute with Racing Queensland related to Australian betting’s new point-of-consumption (POC) tax charge. Unable to reach an agreement on POC ‘additional payments’, the governance of Racing Queensland has moved to file a Supreme Court challenge against Tabcorp subsidiary UBET Queensland. Implementing its state budget mandate, in October 2018 the Queensland government …

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Tabcorp places ‘revitalising TAB’ at top of its enlarged agenda

Australia ASX-listed gambling group Tabcorp Holdings Plc, has upgraded its corporate integration and synergy targets, as governance aims to display the firm’s enlarged capacity across all product verticals and services. Publishing its interim 2018/19 results (period ending 31 December 2018), a significantly enlarged Tabcorp records group revenues of AUS $2.7 billion, primarily attributed to incorporating Tatts Group keno and lottery …

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Tabcorp shareholders dispute executive merger rewards

The governance of Australia ASX-listed Tabcorp Holdings has been served a bloody nose, as a significant number of its investors have rejected the firm’s executive remuneration report. This Wednesday, 40% of Tabcorp investors voted against 2017/18 executive packages. Australian business news sources report that investors had been incensed by the company attaching executive performance rewards (bonuses) to Tabcorp’s AUS $11 …

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