Saturday, April 22, 2006

As reported by the Australian: "Racing Victoria chairman Graham Duff insists
he is not angry with departing chief executive Robert Nason. The expletive
which rang out on Tuesday when Nason announced he had taken a job with
Tabcorp was, Duff says, an honest outpouring of frustration because this was
the very worst time for the racing club's boss to take his leave. "These are
unsettling times in the Australian gambling game as long-standing
partnerships are shattered and remade in the face of industry consolidation,
new technologies and big changes in entertainment choices.

"And one of the alliances being tested is Racing Victoria's productive but
recently very fraught relationship with Tabcorp.

"The racing club and Tabcorp are joint venture partners in Victorian
wagering, which last year generated $475 million of revenue for the
shareholders of Australia's biggest gambling company. That was a bit more
than 30 per cent of Tabcorp's total wagering revenue, the balance coming
from NSW punters.

"The Victorian Government is reviewing the state's wagering and gaming
industry ahead of the issue of new licences in 2012.

".For the past two years Tabcorp and the Victorian and NSW racing clubs have
been at war over Sky Channel's coverage of thoroughbred racing.

"The roots of the dispute pre-date Tabcorp's acquisition of the NSW
totalisator, Tab Limited."