Tabcorp buys ACT TAB
East Coast Racing
kalcat
64 posts
http://www.news.com.au/finance/business/tabcorp-buys-act-gaming-business/story-e6frfkur-1227006852129
TABCORP is buying the ACT government's gaming business ACTTAB for $105.5 million.
"The acquisition of ACTTAB presents a unique opportunity for Tabcorp to
secure long-term licences on highly favourable terms in a jurisdiction
that is complementary to our existing wagering and Keno businesses in
Victoria and New South Wales," he said.
"We look forward to
leveraging our capabilities to strengthen the product offering available
to ACTTAB customers and to deliver the best outcome for the racing
industry and other stakeholders including our venue and community
partners."
Tabcorp's purchase of ACTTAB, which runs the territory's wagering,
Keno and trackside businesses, is subject to approval from the
Australian Competition and Consumer Commission.
http://www.racingnetwork.com.au/tabcorp-buy-acttab/tabid/83/newsid/20774/default.aspx
As part of the acquisition, the ACT Government will issue to Tabcorp a
50 year exclusive totalisator licence, a sports bookmaking licence for
an initial term of 15 years with further rolling extensions to a total
term of 50 years, and ongoing approvals to offer Keno and Trackside
products for 50 years.
TABCORP is buying the ACT government's gaming business ACTTAB for $105.5 million.
AS part of the deal, the ACT government will issue Tabcorp with a
totaliser and sports bookmaking licence, while the company will pay an
annual $1 million licence fee.
"The acquisition of ACTTAB presents a unique opportunity for Tabcorp to
secure long-term licences on highly favourable terms in a jurisdiction
that is complementary to our existing wagering and Keno businesses in
Victoria and New South Wales," he said.
"We look forward to
leveraging our capabilities to strengthen the product offering available
to ACTTAB customers and to deliver the best outcome for the racing
industry and other stakeholders including our venue and community
partners."
Tabcorp's purchase of ACTTAB, which runs the territory's wagering,
Keno and trackside businesses, is subject to approval from the
Australian Competition and Consumer Commission.
http://www.racingnetwork.com.au/tabcorp-buy-acttab/tabid/83/newsid/20774/default.aspx
As part of the acquisition, the ACT Government will issue to Tabcorp a
50 year exclusive totalisator licence, a sports bookmaking licence for
an initial term of 15 years with further rolling extensions to a total
term of 50 years, and ongoing approvals to offer Keno and Trackside
products for 50 years.