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Tabcorp on hunt for new opportunities
Message was posted: 06:49 Sep 21st, 2006

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Gambling news from http://www.news.com.au/ GAMING giant Tabcorp Holdings Ltd is on the hunt for international opportunities, but is not interested in any large-scale casinos or acquisitions. Tabcorp (tah.ASX:Quote,News) managing director Matthew Slatter said the gaming and wagering group was selectively looking at international opportunities in the areas of its core competencies - network gaming, local market casinos and running a totalisator wagering business. "It's in those areas in very selected markets where we will move internationally," Mr Slatter told the Merrill Lynch Australia investment conference. "We're not looking at large-scale or large ticket developments or large scale or large ticket acquisitions internationally." Tabcorp had looked at entering the Singapore market but backed away when the scale of the casino project became too big, with Mr Slatter saying it was also very hard to compete with the big US casino operators who were building large-scale resorts. "It's not a game that we feel we have any competitive advantage that we want to play in," he told journalists after addressing the conference. Tabcorp's competencies lay with running local market casino businesses. It operates four hotel and casino complexes - Sydney's Star City Casino, Conrad Jupiters on the Gold Coast, Conrad Treasury in Brisbane and Jupiters Townsville. "For us to go after casinos offshore, we will look more for - rather than the big destinational tourist-type developments, we'd have more of an interest in smaller local market type operations," Mr Slatter said. Asked if that meant Tabcorp may be interested in acquiring New Zealand-based casino operator SkyCity Entertainment Group Ltd, Mr Slatter said: "I never rule anything in or out in terms of potential acquisitions. "What I will say is that in Australia we have a lot of work to do over the next two years, focusing on really optimising our business. "So I don't have a great appetite, is the way I'd put it, for another acquisition integration in the Australian market." Tabcorp was also focused on the renewal of its wagering and gaming licences. "While I'm not ruling in or our any potential acquisitions, I will say that our focus is to get this business to really work and make sure we secure our licences," Mr Slatter said. Tabcorp last month dropped its $1.9 billion takeover offer for Queensland-based wagering group Unitab Ltd after the competition regulator opposed the acquisition, leaving Tattersall's Ltd and Unitab free to finalise their merger deal. Tabcorp in August reported a 25 per cent rise in 2005/06 net profit to $543.4 million. At 1142 AEST, Tabcorp shares were up three cents to $15.25.