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Tabcorp reports higher revenues in 2019

Niji Narayan

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Tabcorp reports higher revenues in 2019
Photo Source: Tabcorp
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Australia’s gambling company Tabcorp has reported impressive results for the first month of 2019 on the revenue front. The group amassed revenues of $2,787m, an increase of 108.3 per cent when compared to last year’s revenue for the same period.

The rise is attributed to strong lotteries and Keno performance, digital and retail growth, increased investment in customer generosities and UBET, underperformance pre-transition to full TAB offering, good progress on gaming services contract renewals and new venue sign-ups, and operating expenses reduction driven by synergy benefits.

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Australia

Australian Study: Loot Box Buyers More Susceptible To Problem

Niji Narayan

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Australian Study: Loot Box Buyers More Susceptible To Problem
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Researchers in Experimental Gambling Research Laboratory (EGRL) at CQUniversity Australia has found that purchase of loot boxes make players more prone to real-life gambling problems. According to the study, players who purchase loot boxes are not only more likely to gamble in real life but more likely to wager for large amounts as well.

The study was funded by the NSW Government Responsible Gambling Fund. It had a sample size of 1,954 NSW residents who age ranged from 12 to 24. Among the respondents, 22.3% admitted to have gambling problems. The high percentage of people with gambling problems could be due to the fact that sample was chosen among people who engage with gambling and video games.

The study also found that 62% of the most popular video games have loot boxes of some form. In the study, a large majority of respondents (93.2%) had played at least one of these games in the last 12 months and 69.4% had opened a loot box from these games in the same period, However, only 32.9% of the respondents have actually bought the loot boxes.

Professor Matthew Rockloff, the lead author of the study, said: “[Loot boxes] are a growing concern because of the risk and reward elements associated with them that is similar to gambling and there are currently no age limits to play these games. For both young adults and adolescents, there was a strong association between current loot box use and gambling risk. Consequently, although median expenditure on loot boxes is modest, there is evidence that these products are associated with harmful gambling involvement.”

The study urges for preventative measures to prevent the exposure of adolescents to loot boxes.

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Australia

IGT ADVANTAGE System and Solutions Selected by Australia’s Spectacular New Crown Sydney Hotel Resort

George Miller

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IGT ADVANTAGE System and Solutions Selected by Australia’s Spectacular New Crown Sydney Hotel Resort
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Highly anticipated luxury casino will feature IGT’s M5 Service Window technology

International Game Technology PLC announced that its award-winning IGT ADVANTAGE® casino management system with its suite of innovative systems solutions has been selected to enhance the player experience at Crown Sydney Hotel Resort in New South Wales, Australia, which is scheduled to open in early 2021.

The innovative IGT ADVANTAGE system will connect live and electronic table games (ETGs) at the exclusive, tables-only VIP casino in the Barangaroo precinct on the foreshore of Sydney Harbour. As part of the installation, IGT will also deploy its proven M5 Service Window technology on the property’s ETGs.

“Crown selected the IGT ADVANTAGE casino management system and solutions for Crown Sydney because of their inherent flexibility and proven efficiency, which will place our operation at the cutting edge of gaming technology,” said Sean Knights, Executive General Manager – Gaming, Crown Sydney. “Crown Resorts is internationally renowned for delivering a premium guest experience, and the IGT ADVANTAGE solution provides a suite of tools to assist Crown Sydney in ensuring the provision of an unparalleled gaming experience for our premium customers.”

“The IGT ADVANTAGE solution will offer Crown Sydney a compelling market position with advanced features that deliver greater player convenience, strengthen player loyalty, and generate deep business insights,” said Dallas Orchard, IGT Chief Operating Officer, Asia Pacific. “Our systems solutions will significantly benefit Crown Sydney guests and employees by providing unique capabilities that enhance gaming experiences and player safety.”

The IGT ADVANTAGE casino management system offers the deepest and most robust modules portfolio in the casino industry, with features and apps that set casinos apart from the competition. With the ability to integrate seamlessly with best-of-breed third-party technology, it enhances business processes while giving operators the tools to provide personalized player experiences and streamline operations.

A fully flexible content manager, M5 technology is based on the HTML5 industry standard, enabling staff to easily personalize Service Window and banner content, leveraging the full ETG game screen to display bonus content, ads, and promotions tailored to a player’s profile. M5 also helps to reduce kiosk and players’ club lines, enhancing social distancing by enabling players to safely stay on their machine and in their own personal space.

The first casino in Australia to open in more than a decade, the Crown Sydney Hotel Resort will also be the city’s first-ever six-star hotel, located in a landmark building with views of the Sydney Harbour Bridge and Sydney Opera House. In addition to its VIP gaming facilities, Crown Sydney will include 349 hotel rooms and suites, luxury residences, signature restaurants, bars, luxury retail outlets, pool and spa facilities, and conference rooms.

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Australia

Tabcorp to Write Down its Wagering and Media Business by €605M

Niji Narayan

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Tabcorp to Write Down its Wagering and Media Business by €605M
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Tabcorp Holdings is going to write down its wagering and media business by at least AUD 1 billion (€605m) as a result of COVID-19 shutdowns and “the possible acceleration of retail contraction.”

The business made its announcement in a filing to the ASX Exchange, announcing that it has conducted a “review of assets” under which it plans to incur a write-down of $1 billion to $1.1 billion under its financial results for the year ending 30 June 2020.

The expected write-down is based on “potential decline in consumer confidence and increased economic uncertainty” in the wake of the pandemic and “potential acceleration of retail contraction and uncertainty regarding longer-term impacts as an indirect result of the pandemic.”

The operator expects EBITDA to be in the range of $990 million to $1 billion – down from $1.12 billion in 2019, issuing its preliminary unaudited results for the year ended 30 June 2020.

Net income is estimated to range between $267 million and $273 million for the year, excluding the non-cash goodwill impairment charges. This will be a fall of at least 31% from last year’s $396 million net income.

“COVID-19 has materially impacted our Wagering & Media and Gaming Services businesses. We are facing into a challenging and uncertain environment, and the current operating conditions and those expected into the future are relevant factors in assessing the value of the goodwill in those businesses at this time,” David Attenborough, Managing Director and CEO of Tabcorp, said.

“We remain confident in the strength and resilience of Tabcorp’s diversified portfolio of assets and are pleased that integration is now substantially complete. We are focused on supporting our people and partners during these challenging times while ensuring that Tabcorp emerges strongly post COVID-19,” Attenborough added.

Last week, Attenborough stepped down from his role as chief executive after coming under growing pressure from investors over the performance of the company.

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