Tabcorp Holdings (ASX:TAH) stands down 700 staff

Company News

by Rachael Jones

Tabcorp Holdings (ASX:TAH) is to temporary stand down over 700 employees in businesses where there is no work as a result of COVID-19 shutdowns.

Full-time employees will take at least one day of leave per week.

The MD and CEO, David Attenborough, has taken a 20 per cent reduction in his fixed remuneration until 30 June 2020. and fees have been reduced by 10 per cent until 30 June 2020.

Capital expenditure for the second half of the 2020 financial year will be cut to $120 million from $160 million.

Thoroughbred, harness and greyhound race meetings in are currently still being conducted except in Tasmania in accordance with strict state government biosecurity and public health restrictions.

Shares in Tabcorp Holdings (ASX:TAH) are trading 3.33 per cent higher at $2.79.