Australian wagering giant Tabcorp on Thursday said it has received a revised proposal from Apollo Management to acquire its wagering & media and gaming services businesses for A$4 billion.
The company however, said it has not yet formed a view on the revised proposal.
The company’s wagering & media business has garnered interest from a number of investors in recent months.
In February this year, UK-based Entain Plc made a non-binding offer to buy the wagering and media division for $3 billion. Tabcorp at the time said that it also received a number of unsolicited approaches and proposals for its wagering business, including Fox Corporation, but later issued a note saying that it viewed the offers as being too low.
Entain later revised its offer to $3.5 billion, which J.P Morgan analysts estimated may still be too low.
Macau's gross gambling revenue in the week to May 23 was up 12 percent from the prior week, but was still 6 percent lower than April, with the lower end tourism market comprising the majority of arrivals, according to Bernstein Research.
Interblock says it’s still seeing challenging times across Asia, with the ongoing travel restrictions forcing jurisdictions to extract as much value as possible from local markets. The company welcomes the Philippines’ lead in allowing local IRs to begin accepting online bets and says this may be a new area of opportunity.
For this edition of our magazine, we focus on Southeast Asia, with a particular look at the Philippines. The country’s casino industry has been among the hardest hit in Asia, with the integrated resorts in Manila’s Entertainment City having remained mostly closed to the general public since the beginning of the crisis last year.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.