Tabcorp shareholders have spoken loud and clear. Almost 99 percent voted in favor of a plan to demerge its lottery segment from wagering, media, and gaming services, according to iGaming Business.
Tabcorp, an Australian lottery and totalizator operator, will seek approval from the Supreme Court of New South Wales. A hearing is set for May 20. If the issues are settled by then, the goal is to complete the process on May 23.
The demerged business, named the Lottery Corp., expects to trade on the ASX beginning May 24.
“We are pleased to have received shareholder approval for the demerger of the Lottery Corp. from Tabcorp,” Tabcorp chairman Steven Greggs said. “This is an important milestone in repositioning the group’s portfolio and setting up Tabcorp and the Lottery Corp. for future success.”
The remaining business named New Tabcorp and would include the wagering and media arm alongside gaming services.
The Lottery Corporation intends to grow by innovation of its game portfolio, enhancement of customer experience, increase digital opportunities, grow its retail footprint, and pursue new license and acquisition opportunities.
In other Australian casino business news, Aquis Entertainment will sell off Casino Canberra, it’s primary operation for $52 million. The company will look into other business opportunities, according to Asia Gaming Brief.
Aquis signed a share purchase agreement with Capital Leisure & Entertainment, which will buy all of the shares in Aquis Canberra.
Capital Leisure is controlled by Oscars Group, a hotel and hospitality company. The sale is subject to regulatory and shareholder approval.
New opportunities could involve repayment of debt and distribution of funds to shareholders.
“The transaction provides considerable value to the company and its shareholders,” said Allison Gallaugher, CEO of Aquis, and Casino Canberra. The business trades well since the reopening post Covid-19 lockdown.
“As an employee of Casino Canberra, I am also very excited about the future and working with Oscars on the continual improvement of our business,” she said. Gallaugher is staying on as a director of the company and CEO.
The company has been in talks with the government on its development plans to upgrade the casino. It hoped to find investors for an integrated resort in the central business district.
