|Tabcorp Holdings Ltd and Jupiters Ltd have agreed on the terms for their $1.66 billion merger, creating Australia's largest gambling and entertainment company with 18,000 gaming machines and Keno operations on the east coast of Australia, four casinos and hotel facilities in Queensland and NSW and off course wagering and sports betting in Victoria. The merger is subject to approval by Jupiters' shareholders, the Supreme Court of Queensland and the Queensland State Government. |
Tabcorp has recently mended relations with the National Australian Bank, whose finances they are using for the deal. The NAB recently announced plans to withdraw 138 ATMs from casinos and was praised by Prime Minister John Howard, but claimed today that the move was on purely economic grounds, after it was insinuated that the bank was attempting to make a public statement against ‘problem gambling’ and casino owners threatened to withdraw millions from NAB accounts.
'We welcome the fact the NAB position has now been clarified,' said Tabcorp spokesman Rohan Martin.