Tabcorp deal helps insure future
- {{x.value}}
{{ twilioFailed ? 'SMS Code Failed to Send…' : 'Enter verification code' }}
{{ completedStep1 ? 'Authentication & Security' : content.trialHeading.replace('{0}', user.FirstName) }}
{{ content.upgradeHeading.replace('{0}', user.FirstName) }}
The email address you entered is registered with InvestSMART
Please login to continue
We have sent you an email with the details of your registration.
Looks you are already a member. Please enter your password to proceed
{{ upgradeCTAText }}
Updating information
Please wait ...
Your membership to InvestSMART Group recently failed to renew.
Please make sure your payment details are up to date to continue your membership.
Having trouble renewing?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
You've recently updated your payment details.
It may take a few minutes to update your subscription details, during this time you will not be able to view locked content.
If you are still having trouble viewing content after 10 minutes, try logging out of your account and logging back in.
Still having trouble viewing content?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
Please click on the ACTIVATE button to activate your Intelligent Investor 15-day free trial
Please click on the ACTIVATE button to finalise your membership
Unsuccessful registration
Registration for this event is available only to Eureka Report members. View our membership page for more information.
Registration for this event is available only to Intelligent Investor members. View our membership page for more information.
- You are already registered for this event.
- This event is already full.
- Please select a quantity for at least one ticket.
- {{ i }}
Forgotten password
Please enter your email address below to request a new password
- Verify your email address by clicking on the link we sent to {{user.Email}}
- You now have free access, we look forward to helping you on your financial journey.
Tabcorp's David Attenborough has helped insure the company'Â’s long-term future with cheap long-life licences through his ACTTAB acquisition.
The deal is the first for Attenborough since the split from his casino arm, now called Echo Entertainment, and at $105.5 million it is a handy boost to earnings.
At some eight times earnings before interest, tax, depreciation and amortisation of $14 million the multiple equates with Tabcorp’s present trading performance and fills a gap on his east coast network which runs south from NSW.
The real prize is the 50-year licences at zero tax on tote earnings and less than 1 per cent on the sports bookmaking licence.
In NSW Tab pays 19 per cent and 10 per cent respectively and the tax hit in Victoria is 7.5 per cent and 4.5 per cent.
Attenborough is sitting on a long-term licence in NSW but his Victorian licence is up for grabs in 2024.
Based on past performance with poker machines continuity south of the border is no sure thing and Attenborough, of course, is appealing the recent court decision to deny him $684 million in compensation for losing the right to the Victorian poker machine licences outside Crown.
Tabcorp, which was advised by UBS, acquired the business from the ACT government, which was advised by Deloittes.
In late morning trade Tabcorp was trading ahead of the market, up 1 per cent at $3.50 a share.
In this sort of market the acquisition of low-cost, long-life optionality is every boss’s dream deal and Attenborough looks to have achieved that aim.
Call 1300 880 160
Start a chat
Schedule a call
