Leisure and entertainment services provider Tabcorp Holdings Ltd
(ASX:TAH) says revenue grew 4.4 per cent in the first quarter of the financial year, with all three divisions; gaming, casino’s and wagering contributing to growth.
The company says its variable contribution went up by less than revenues after absorbing the impact of new race field’s fees in wagering and higher gambling taxes in Queensland.
The best performer was Star City Casino with revenue up 11.6 per cent on a normalised basis.
In an update on the company’s priorities Tabcorp says its focus through to 2012 is on the performance and growth of each of its three operating divisions.
This includes the revamp of Star City Casino and recent launch of the company’s Tabcorp Gaming Solutions aimed at assisting clubs and hotels in Victoria with the management of their gaming operations under the new industry structure that will operate from 2012. The company says it expects conditions to remain challenging for the remainder the year, with the economy in the early stages of recovery, intensifying competition in the wagering market and a ramp up in construction activity at Star City.
After a loss in 2008 Tabcorp posted a profit of $521.7 million in 2009.
