A horse in quarantine in Sydney after the equine influenza outbreak that paralysed Australian racing. Photo / Reuters
SYDNEY - Equine influenza is costing Tabcorp Holdings millions but the company says it has strength in diversity.
The gaming company said the cancellation of thoroughbred and harness race meetings over the weekend resulted in a loss in wagering turnover of A$65 million ($74 million).
"Based on its
experience to date, if Australian racing were not to resume until next weekend, Tabcorp expects that the loss in turnover will be in the order of A$150 million," it added.
"This will translate to an adverse impact on Tabcorp's group earnings of approximately A$5 million after tax." The company was working with its racing partners in Australia and overseas to provide punters with alternatives. "Already, import of New Zealand racing has been increased and several greyhound meetings have been rescheduled to better suit wagering customers," it said.
Chief executive Elmer Funke Kupper said the cancellations were painful in the short term but necessary. Tabcorp was a diversified company, which gave it the strength to weather the impact.
-AAP
