Tabcorp Holdings ((TAH)) provided a subdued FY17 result, albeit at the top end of recently lowered guidance. There was no trading update or outlook commentary, as is the norm. The main focus is to complete the proposed merger with Tatts ((TTS)), although this is been delayed several months.
So much for the hairy chested suggestion last month from Tabcorp (TAH) that it would run off to the Australian Competition Tribunal to try and by pass that nasty Australian Competition and Consumer Commission which wants the company to sell off its Queensland poker machine monitory business as a condition before approving the $11 billion merger with rival gaming group, Tatts (TTS).
Victoria and Western Australia have increased race field fees from FY19. Even though the current Queensland regime expires June 30, 2019, Credit Suisse is not expecting any further moves, as the large Australian states now have closely aligned race field rates.