Tabcorp settles with Victorian govt

Australia’s Tabcorp said it expects an income tax benefit of about A$128.9 million ($102 million), which will be recorded as a significant item in its accounts ending June 2015, as a result of a settlement with the Victorian government over income tax.

The accord relates to the $597.2 million paid by Tabcorp to the state in in 1994 related to gaming and wagering licenses.

Tabcorp was given an allowable deduction of $429.6 million in the settlement, resulting in a capital loss of $167.6 million.

Tabcorp also  confirmed its dividend payout for 2015 will be 90 percent of normalized profit after tax, excluding items.

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 […]