By Robert Fenner
Oct. 18 (Bloomberg) -- Tabcorp Holdings Ltd., Australia’s biggest gambling company, plans to spin off its casino business into a separate
To prepare for the split, the company plans to raise A$430 million ($425 million) through an entitlement offer, Melbourne- based Tabcorp said in a statement today. The spinoff is expected to be completed in July 2011, it said.
Chief Executive Officer Elmer Funke Kupper will oversee the separation before stepping down. Larry Mullin will head the casino business; David Attenborough will take control of the other assets.
Tabcorp’s casinos include Star City in Sydney, the only one in Australia’s largest city. Star City is undergoing an A$860 million facelift as Tabcorp seeks to woo high-stakes gamblers.
Trading in the first quarter ended in September was “positive” with revenues rising 4.1 percent from a year earlier, Tabcorp said in today’s statement.
--Editors: Iain Wilson, Brendan Murray
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