Tabcorp Holdings


Tabcorp Holdings

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Australia's Tabcorp wins state wagering license - 19th July 2011

Australian gaming group Tabcorp has won the Victorian state wagering license from 2012, and will pay a premium up front of A$410 million ($435 million), the Victorian state government said on Tuesday.

"The new 12-year licence, which commences in August 2012, allows the licensee to conduct pari-mutuel and fixed odds betting, operate the only off-course retail network in Victoria, establish and operate a Betting Exchange in Victoria to support account based betting and conduct approved simulated racing events," the government said.

 

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Tabcorp Agrees Sponsorship Agreement

23rd December 2008

Australian gambling and entertainment group Tabcorp Holdings Limited has signed a long-term sponsorship deal with Harness Racing Victoria for the naming rights to a new $30 million racing and entertainment complex being built near Melbourne.

The development in Melton to the west of the state’s largest city will be known as Tabcorp Park for both racing and commercial business when it commences trading in early-March of next year. The deal mirrors one that rival firm Betfair signed last month with the Melbourne Racing Club that saw the historic Sandown Racecourse branded as Betfair Park for three years.

Tabcorp Park will feature a 41-room four-star hotel, function and conference rooms, a bistro, a gaming room, a sports bar and betting facilities. Racing will begin on the first weekend of July before becoming a weekly Friday night fixture over the first year of operation.

“We are pleased to officially announce that from this day forward the Melton Harness Racing and Entertainment Complex will be known as Tabcorp Park,” said Neil Busse, Chairman for Harness Racing Victoria.

“Tabcorp have acquired naming rights to the complex as a part of a long-term sponsorship deal and we thank them for their investment in the future of the Victorian harness racing industry. The commercial facilities will open for business on March 5 of next year and will service the community seven days a week with hotel, conference, dining and entertainment facilities.

“Following this opening, work will commence on stage two of the construction of our state-of-the-art racetrack, which will be ready to host trials in late-May and commence racing in July.

“Tabcorp Park will quickly become the spiritual home of harness racing in Victoria and it will provide an important new revenue stream to support and grow the industry throughout Victoria.”

Profile

Tabcorp Holdings is an Australian company with interests in gaming and wagering. It was formed through the privatisation of the Victorian Totalisator Agency Board (TAB) in 1994. The TAB ran all off-track betting on horse racing, greyhound racing, and harness racing in Victoria, as well as on-course totalisator betting. Since privatisation Tabcorp has diversified into other forms of gambling. It now has four major areas of activity:

1. It owns and operates four casino-hotel complexes; Star City Casino in Sydney, the Conrad Jupiters on the Gold Coast, Conrad Treasury Casino in Brisbane and Jupiters Townsville in Townsville. In 2004, these provided 41% of earnings.
2. It operates poker machines in many venues across Victoria; with it and Tattersalls the only two companies permitted to run the devices. It has a joint venture with Tattersalls to run keno games in hotels across the state. In 2004, 26% of earnings came from gaming.
3. It continues to operate off-course and on-course totaliser betting throughout Victoria and now New South Wales (through the acquisition of its privatised NSW equivalent Tab Limited) Betting is now available from many pubs as well as the traditional separate TAB betting shops, and the TAB offers bets on many sports activities other than horse racing. 28% of earnings came from wagering.
4. It operates Sky Channel, a national horse racing television network which broadcasts into TAB outlets and hotels, as well as a NSW-wide radio network. These provided 5% of earnings in 2004.

Tabcorp's operations employ about 12,000 people. Net profit after tax was approximately $471 million AUD in 2003-04, on revenues of about 2,500 million AUD.

Gambling, and especially "pokies" remain a somewhat contentious political issue in Australia, and like all gaming operators the efforts of Tabcorp to grow its gaming revenue can be politically controversial. Anti-gambling activists have noted that Tabcorp and its competitor have increasingly moved their allocated quota of poker machines around the state to maximise revenue, thus resulting in concentration of machines in working-class areas.

An investigation by news.com.au reporters Will Temple and David Higgins released on August 22nd 2007 claims that Tabcorp had secret approval from the NSW government to loan money to “select high value wagering customers”. (Credit: Wikipedia).

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