BUSINESS

Genting, Tatts Group post profits; Tabcorp inks racing broadcast deals

TAGs: Genting, Tabcorp, Tatts Group

genting-tatts-tabcorpThe other day we learned that Genting Singapore’s Resorts World Sentosa lagged its cross-town rival Marina Bay Sands in profitability over Q4 2010. Now the full Q4 figures are out and they’re a lot less disappointing. Genting notched a S $37.9m (US $29.6m) profit in 2010 compared to a S $277.6m loss in 2009. Genting’s parent company, Genting Bhd, did just fine in Q4, with net income rising 90% to RM 465.4m (US $153m) and revenues up 76%. Profit for the full year was RM 2.2b (US $718m), more than twice that of 2009. Things would have been even better were it not for the double whammy of some high rollers going on a roll at Genting’s UK operations and a weaker pound.

In the six months ending Dec. 31, 2010, Tatts Group Ltd. posted a net profit of AUS $149.91m, up 3.4% over the previous year. First half revenue was up 17.4% to $1.62b, assisted by its purchase of NSW Lotteries in March. Tatts expects earnings from lotteries will surpass $240m by 2014 – a ten-fold increase over what it earned in 2006. Tatts video poker operations contributed earnings of $103.6m, but with their duopoly ending in 2012, Tatts plans to sell the machines to the companies that won entitlements to run pokies post-2012. Tatts estimates that the floods that recently ravaged Queensland and Victoria cut wagering, lottery and other revenues by $1m.

Tabcorp has inked a deal with Satellite Information Services (SIS) to bring more Australasian racing to retail betting shops in the UK and Ireland. Live pictures and data from Australasian thoroughbred, harness and greyhound racing will now receive greater exposure via Tabcorp’s Sky Racing channels. With more punters watching and betting on down under races, the next step will be to co-mingle these UK bets with Tabcorp’s betting pools – as Tabcorp already does in Singapore, New Zealand and South Africa. Closer to home, TAB Sportsbet inked a deal with Greyhound Racing NSW to produce a weekly program on TheDogsTV.com called Chasing The Dollar, providing punters with a first look at the weekend’s premier races.

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