Tabcorp Profit Falls

Australian gambling and gaming company Tabcorp (ASX:TAH), has seen their profit fall by 10 percent due to weaker gambling and gaming markets in Victoria and Queensland.

Tabcorp Net Profit

Last year, Tabcorp reported a profit of $521.7 million, this year for the year ending June 30, profit fell to $469.5 million. Revenue was $4.22 billion. Full year earnings for the casino division of the company showed a 29 percent fall on year results to $260 million. Tabcorp attributed fall in profits to its VIP casino customers being luckier this year, taking in more winnings.

Tabcorp Dividend

Tabcorp announced it's final dividend of 25 cents. Down 5 cents from last year.

Tabcorp Investments

Tabcorp has announced that it is increasing its investment in the Star City redevelopment project by $285 million to $860 million which includes expanded VIP facilities and a 3000 seat conference and events centre.

Tabcorp Competitor

Tabcorp's competitor is Crown (ASX:CWN) which owns casinos in Perth and Melbourne, including its own golf course, and is affiliated to Melco Crown Entertainment Ltd., which operates two casinos in Macau. Tabcorp owns Star City in Sydney and three casinos in Queensland state as well as betting shops and slot machines.