The High Court today ruled that neither Tabcorp nor Tatts are entitled to compensation from the state of Victoria for losing their licences to operate the state's pokies (excluding those housed in Crown Resorts' Melbourne casino). The Victorian government stripped both companies of their licences in 2012 – with management of the state's pokies reverting to pubs and clubs – and refused to pay them compensation after doing so.
Both companies then commenced legal proceedings against Victoria. Tabcorp has consistently failed to persuade lower courts that its argument has any merit and so the High Court's decision isn't surprising. HOLD.