• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 12 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Australia’s Tabcorp reports US$925 million FY24 loss as soft market sees impairment of Wagering & Media segment

Ben Blaschke by Ben Blaschke
Wed 28 Aug 2024 at 10:20
Tabcorp secures waiver of debt covenants on US$2.1 billion US private placement notes
11
SHARES
268
VIEWS
Print Friendly, PDF & Email

Australian racing and wagering giant Tabcorp has reported a net loss after tax of AU$1.36 billion (US$925 million) for the year ended 30 June 2024, impacted by a non-cash impairment of AU$1.38 billion (US$966 million) on its core Wagering & Media segment.

The impairment is increased from the AU$644.5 million (US$438 million) impairment recognized in the company’s interim results and relates primarily to its NSW and South Australian assets.

The increase in impairment, Tabcorp said, is due to a slower than expected recovery in the Australian wagering market observed over the past six months, driven by higher inflation and interest rates which has impacted consumer spending on wagering activity, as well as a tightening of the regulatory environment. The company also noted an increase in opex in FY24 and expectations of persistent cost inflation that has impacted the opex outlook.

Impairment aside, group-wide revenue of AU$2.34 billion (US$1.59 billion) was 3.9% lower year-on-year due to the soft market conditions, while higher costs saw EBITDA fall by 18.7% to AU$317.7 million (US$216 million). Net profit after tax was down 66.8% to AU$28.0 million (US$19.0 million)

Revenue in the Wagering & Media segment fell by 3.0% to AU$2.16 billion (US$1.47 billion), with digital wagering revenue down 2.2%. Media revenue declined 6.2%, reflecting the impact of lower wagering market turnover on domestic digital distribution revenues, Tabcorp explained.

“Tabcorp has a unique asset base which can ultimately create a complete sports entertainment experience for our customers and unlock value for shareholders,” said Managing Director and CEO-Elect, Gillon Mclachlan.

“The challenge of connecting those assets to continue executing on the opportunities they present is what I find appealing about the opportunity for the Company going forward.

“The Company has done a good job at building solid foundations since demerger and there is no doubt TAB is competing better in the market. The product is better, speed to market has improved, the retail offering is being revitalised and we’re achieving structural reforms that will make the company more competitive.

“The foundations to unlock value have been built. But the reality is the company is only part way through a turnaround, and we need to continue to enhance execution to create greater value.

“It is clear the business will not meet its TAB25 targets. It is my job to unlock an enhanced cadence with a focus on people and capability. As we evolve, we’ll be better placed to continue executing on the growth opportunities.

“Today’s results demonstrate a competitive performance in the soft market conditions we face. It shows customers are responding to the improved product offering and there’s no doubt the business is more competitive today than it was at demerger, but it’s not where it ultimately needs to be. It will require change but the goal remains unchanged.

“The building blocks are there to create the complete sports entertainment business. To achieve this, there will be a new cadence at Tabcorp which will ultimately unlock significant value for shareholders.

“Importantly, I want to stress that customer safety is personally very important to me. The evolution of technology and our processes to identify problem gamblers faster will not be compromised as we unlock additional value within the company.”

Tabcorp has declared an unfranked final dividend of 0.3 cents per share for FY24, payable on 20 September 2024.

RelatedPosts

Age of Creation

Korea’s Paradise Co books US$15 million profit in 2Q25 as Paradise City drives all-time casino revenue record

Mon 11 Aug 2025 at 05:47
Responsible Gambling Council joins Judging Panel for inaugural RTG Global Awards in Sydney

Responsible Gambling Council joins Judging Panel for inaugural RTG Global Awards in Sydney

Sun 10 Aug 2025 at 13:01
Ministry says foreign workers comprised majority of 2,000 laid-off RWS workers

JP Morgan highlights “strikingly large” gap between Singapore’s two IRs as Resorts World Sentosa falls to all-time low market share

Sat 9 Aug 2025 at 10:04
IGT to unveil comprehensive game portfolio, new jackpots at Australasian Gaming Expo

IGT to unveil comprehensive game portfolio, new jackpots at Australasian Gaming Expo

Fri 8 Aug 2025 at 12:56
Load More
Tags: AustraliaGillon McLachlanlossracingrevenueTabcorpwagering
Share4Share1
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

M Plus secures exclusive Macau broadcasting rights for the English Premier League

M Plus secures exclusive Macau broadcasting rights for the English Premier League

by Ben Blaschke
Mon 11 Aug 2025 at 18:16

Macau's only online live sports streaming platform, M Plus, it has secured the exclusive regional broadcasting rights for the English Premier League in Macau from 2025 to 2028. M Plus held a press conference on Monday afternoon to announce its...

PhilWeb falls to US$10.5 million loss in FY24 on asset impairments

Philippine Senate to start inquiry into online gaming industry this Thursday

by Newsdesk
Mon 11 Aug 2025 at 15:33

The Philippine Senate’s committee on games and amusement will launch this week an inquiry to discuss a series of bills and proposals put forward to address concerns over the growth of online gambling, with the outcome likely to determine whether...

Editorial – Winning margins: how Macau is set to become more profitable than ever before

Macau operators introducing further baccarat side bet innovations

by Ben Blaschke
Mon 11 Aug 2025 at 11:50

An analysis of the premium gaming areas of Macau’s integrated resorts by investment bank Citigroup has highlighted another round of innovation by operators when it comes to baccarat side bets – further highlighting the impact of smart table rollout across...

INSPIRE Entertainment Resort names Sangwon Lee as Chief Transformation Officer

INSPIRE Entertainment Resort names Sangwon Lee as Chief Transformation Officer

by Newsdesk
Mon 11 Aug 2025 at 11:48

Korea’s INSPIRE Entertainment Resort has announced the appointment of Sangwon Lee as its new Chief Transformation Officer (CTO). In his new role, Lee – described as a seasoned leader with a strong background in strategic planning and operational execution –...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English