A fortnight after revealing it had won a deal from its Australian bankers by dropping its final dividend for 2020, Tabcorp’s offshore bondholders controlling $2.1 billion of debt, have done a similar deal.
More and more companies are battening down the hatches as the coronavirus banks and crackdowns escalate. Property developer Stockland, gambling and gaming giant Tabcorp, and health insurance firm NIB are among the latest to mothball earnings guidance while Ardent Leisure and Village Roadshow have shut their Gold Coast theme parks.
Tabcorp's gambling offerings are materially impacted by pub/club closures, the broker notes. Lottery ticket impact at newsagents is unclear in the lockdown. Can racing (80% of wagering) continue with everything else suspended? How much offset can be gleaned from increased online activity?