LONG-TERM LICENCE GRANTED FOR TABCORP KENO
17th April, 2013 at 04:47:26
Tabcorp's Queensland Keno licence to be extended to 2047
The Australian betting group Tabcorp Holdings Limited's Queensland Keno licence is to be extended to 2047.
The 25-year licence extension was announced Tuesday by Queensland Premier Campbell Newman at the Keno and Clubs Queensland Awards for Excellence in Brisbane.
Tabcorp will make a $20 million payment to the State to extend the licence, which currently expires in 2022, to 2047.
The company is Australia's largest and most successful Keno operator, operating the game in more than 3,600 venues in Queensland, NSW and Victoria, including 1,150 hotels, clubs and casinos in Queensland.
Tabcorp CEO David Attenborough said the licence extension gives Tabcorp greater certainty and allows it to continue to invest in the Keno lottery game in Queensland.
Tabcorp welcomes the decision by the Queensland Government to extend the Keno licence to 2047, Attenborough said. Keno is an important part of Tabcorp's diverse portfolio. In the first half of the 2013 financial year the Keno business contributed $36.7 million or 16% of Tabcorp's EBITDA. The extension adds further longevity to Tabcorp's licence structure.
Tabcorp shares a very substantial part of the benefits of its Queensland Keno operations with the community and other stakeholders, such as hotels and clubs.
The company's payment and the ongoing operation of the game will generate returns for the community and for Queensland clubs and hotels, which can be re-invested in facilities and services.
Related News Tags: Lotteries