It will take more than winning Everest,the world’s richest horse race,to revive Tabcorp’s fortunes. The gambling giant needs some wins off the track.
Treasurer Jim Chalmers has indicated the government will tighten its focus on gambling companies’ use of R&D tax credits,which can total tens of millions.
The betting giant’s Melbourne Cup marquee has long been a favourite of federal and state MPs. Now,they’re out.
As soon as news first surfaced of a possible royal visit in October,the jockeying began. And it was not confined to the racetrack.
Akhurst will step down after concerns from unhappy investors frustrated with the company’s direction.
Racenet and Herald Sun deals were worth about $2 million a year. Tabcorp ended the Herald Sun form guide agreement in July,according to two sources familiar with the situation.
The country’s biggest wagering companies are making less money than ever.
Three weeks into the top job,former AFL boss Gill McLachlan has decided not to renovate the betting company. Instead,he is reaching for the sledgehammer.
New Tabcorp boss Gillon McLachlan has vowed to overhaul the wagering company’s strategy,and warns it will continue to be hit by softer trading conditions as its share price tanked.
A new grassroots organisation with “the head of a think-tank and the heart of a community organisation” hopes to solve gnarly policy issues.
Tabcorp has been forced to pay a record $4.6 million fine in Victoria,but has found an ally in its push for a total ban on televised gambling advertising.