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Tabcorp's 'challenging conditions' ahead

19 Oct 2009

AUSTRALIA -- As reported by Adelaide Now: "Gaming giant Tabcorp Holdings expects conditions will remain challenging as revenues grew slightly in the first quarter of the year.

"'In the first quarter of the financial year, our revenues grew by 4.4 per cent, with all three divisions contributing to growth,' chief executive Elmer Funke Kupper will tell the company's annual general meeting today.

"...According to speech text's released before the meeting, Tabcorp says its variable contribution went up by less than revenues after absorbing the impact of new race fields fees in wagering and higher gambling taxes in Queensland.

"'We expect conditions to remain challenging in the remainder of the year, with the economy in the early stages of a recovery, intensifying competition in the wagering market and a ramp up in construction activity at Star City,' Mr Kupper said..."

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