Tabcorp says it remains confident in its proposed merger with Tatts Group, despite a recent legal challenge from the Australian Competition and Consumer Commission (ACCC), which opposes the merger.
On Monday, the ACCC said it had applied for a judicial review of the recent Australian Competition Tribunal (ACT)’s decision to approve the Tabcorp-Tatts merger, alleging that the tribunal made three “reviewable errors” in its decision.
CLSA analysts Anthony Longo on a Wednesday note said it is unlikely the proposed transaction does not go ahead as a result of the latest ACCC push.
“In our view, the best case outcome from the launch of the ACCC’s proceedings is that the proposed merger is delayed,” said Longo.
Tabcorp in a filing to the ASX on Tuesday said it will oppose the ACCC’s application and will pursue an expedited hearing.
It said the application will likely impact the timing of the merger, but said it remains confident that it will be achieved in the last quarter of 2017.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
The US Department of Labor has filed a notice with the US District Court for the NMI informing the court of Imperial Pacific International’s failure to comply with a court judgement that dates back to 2019. According to the notice, IPI cannot continue to disregard the federal court judgment, its employees, and the Fair Labor Standards Act or FLSA.
On 3 April 2020, the Ministry of Home Affairs of Singapore (MHA) announced that it will be reconstituting the Casino Regulatory Authority (CRA) to establish the Gambling Regulatory Authority (GRA) by 2021. The GRA will have an expanded mandate to regulate the entire gambling landscape in Singapore and aims to consolidate and optimize gambling regulatory resources within a single agency.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.