Tabcorp to spin off casinos and raise US$ 425 million
Wednesday, 20 October 2010
Yogonet - Tabcorp Holdings, Australian biggest gambling company, plans to spin off its casinos into a separate company from its betting shops as it raises us$ 425 million in an entitlement offer. Investors will get a share in each company on a 1-for-1 basis, in a split expected to be completed in July 2011, Melbourne-based Tabcorp said in a statement this week.
In September Larry Mullin, CEO of Tabcorp's Casinos Division, told Inside Asian Gaming of the company's ambitions to attract more high rollers from Asia to play in its casinos.