In an announcement to the ASX this morning, Tabcorp announced it was standing down 700 employees.
The temporary standing down of over 700 Tabcorp employees to 30 June 2020 in businesses of the Group where there is no work as a result of COVID-19 shutdowns. Our focus is on retaining jobs for the long term. During the temporary stand down period, affected employees can access their accrued leave benefits and are expected to resume work when business activity returns to normal levels.
Tabcorp is currently exploring its eligibility for the Federal Government’s Job Keeper Wage Subsidy.
I would suggest that Lotteries franchisees have stood down more than 700 employees nation wide and struggle to keep their doors open. Zero concession from Tabcorp despite significant online growth and deferral of gambling taxes. Shame on the Tabcorp board on their 10 per cent pay cut whilst their staff and franchise networks bleed!
Tabcorp’s board announced yesterday that they anticipate a 2019/20 EBITDA in the range of $900 million to $1,000 million. Not bad for a company that was reducing staff hours and putting their hand out for government support back in April.
Bearing in mind their loss of revenue from Keno, Racing and Sports betting I suspect Lotteries has performed strongly. Let’s wait and see how much of their online lotteries revenue growth is now shared with their franchisees.
Steve,
See today’s Fin Rev.
It supports your story plus more retail sales are down On Line up due to COVID and Shopping Centres closures etc. – All over Lotto down but not as much as Hotels and other Gaming Retail outlets.