Betfair’s new ally goes all in for Aussie gaming war
Monday 2nd August 2004
Kerry Packer’s Publishing & Broadcasting Ltd is continuing its quest to challenge Tabcorp as Australia’s dominant gaming corporation, with the news this week that it is in talks to secure the management of one of Macau’s new Vegas style casinos. Following its lucrative deal with Betfair last week, PBL also looks set to win its $580 million bid for Perth's Burswood Casino.
A management agreement in Macau would allow PBL to share in the Chinese gambling haven’s profits while minimising its potential competitive threat to its domestic casinos. Analysts have said that Macau's gambling revenues would reach $US4 billion this year.
Meanwhile, Tabcorp has not been resting on its laurels and is understood to be close to finalising a deal to acquire management contracts for its casinos from Caesars Entertainment. This would allow Tabcorp to take full control of the Conrad Jupiters Casino and the Conrad Treasury Casino in Brisbane, two of three casinos it inherited following $A1.2 billion acquisition of Jupiters Ltd last year.
