Tabcorp Holdings Ltd (ASX:TAH) has announced that its Casinos business will be known as Echo Entertainment Group Ltd, following the gaming company’s planned demerger.
Tabcorp is targeting to implement the proposed demerger of its Casinos business from the Wagering, Gaming and Keno businesses by the end of June 2011.
Echo Entertainment Group will operate four of the company’s casinos, including Star City in Sydney, Jupiters on the Gold Coast, Treasury in Brisbane and Jupiters in Townsville.
The Wagering, Gaming and Keno businesses will continue as Tabcorp Holdings.
CEO of Tabcorp’s Casinos division Larry Mullin says the demeger will create companies that are able to pursue individual growth and investment strategies.
In the first six months of the 2011 financial year Tabcorp Holdings posted a net profit of $265.5 million.
