Luxbet could face the chopping block: Tabcorp chief

Tabcorp chief executive David Attenborough says the company’s Luxbet brand may be axed after its merger with Tabcorp, The Australian reports.

Speaking to RSN radio on Wednesday, Attenborough said Luxbet was under review as it is set to record an earnings loss in the 2017 results.

He said that, following the merger, the new combined entity will operate in every state except Western Australia.

“It then becomes a big question mark to whether Luxbet is a fit to the business (post merger),” he said.

Tabcorp is now in the middle of finalizing its merger with Tatts after receiving the green light from the Australian Competition Tribunal last week.

SHARE

Related Articles

Tabcorp EBITDA hit from power outage less than $10 million

Tabcorp said a power outage that took out its systems over the weekend caused it to lose wagering turnover over the weekend, but the hit to EBITDA will be less than $10 million. It says its systems have now largely been restored. 
Australia tabcorp

Tabcorp digital turnover grows, though group posts loss

Tabcorp digital turnover outstripped retail turnover for the first time in a full year after Covid-19 forced the closure of its outlets and tipped the group to an $870 million ($631.8 million) loss.

Tabcorp secures debt waivers as part of Covid-19 response

Australian wagering giant Tabcorp announced it has secured agreement from its bank lenders for a waiver of leverage and interest cover covenants in response to the financial impact of the Covid-19 pandemic.  The waiver is related to its Syndicated Facility Agreement, representing facilities of A$2.2 billion (US$1.6 billion), according to a company filing. As of […]

Tabcorp lottery segment drives FY20H1 revenue

Australian wagering giant Tabcorp announced a 4.4 percent increase in group revenue for the first half of the 2020 financial year, driven by performance in its lotteries business.  The company said that it registered more than 300,000 new customers in the past six months – translating to strong growth in both digital and retail lotteries […]