Gaming company Tabcorp Holdings Ltd
(ASX:TAH) has announced plans to demerge its casino operations from its wagering, gaming and Keno businesses to create two separate gaming companies.
Both companies will be listed on the ASX, with the wagering, gaming and Keno businesses to maintain the Tabcorp name.
Tabcorp says the demerger will enable the two companies to pursue individual investment programs and growth opportunities.
The company also launched a $430 million entitlement offer to provide funding certainty for casino growth initiatives and ensure both entities have appropriate capital structures.
Tabcorp says it hopes to complete the demerger by July 1, 2011, subject to regulatory approvals.
In an update on its trading performance, the gaming firm sys in the July to September quarter trading was positive with normalised group revenues up 4.1 per cent on the previous financial year.
Tabcorp earned $469.5 million in the 2010 fiscal year.
