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Tabcorp Holdings says the equine influenza outbreak in August has cut its wagering turnover by A$251 million ($301 million) and is expected to lead to a total reduction in turnover of about A$550 million by the time the horse racing industry recovers.
But the company said it would weather the impact of the outbreak, with the performance of its other businesses helping to mitigate the impact of the loss in turnover.
"Tabcorp expects turnover will be down approximately A$550 million by the time the industry recovers from equine influenza in the new year," Tabcorp said.
It said that assumed racing in Victoria continued uninterrupted.
Tabcorp said wagering turnover in NSW had fallen A$184 million, or 21 per cent, and in Victoria it had fallen A$67 million or 9 per cent. Tabcorp said the equine influenza had reduced turnover by A$251 million since August when the disease broke out.
"By the time full racing resumes, Tabcorp believes the impact on its wagering division will lead to a reduction of approximately A$30 million in divisional profit before tax," the gambling and entertainment company said.
The chief executive of the online gaming and racing group, Elmer Funke Kupper, said yesterday the company's turnover was A$240 million lower compared with the same period last year.
- AAP
