Business
Tabcorp to take $1b write-down as COVID-19 crushes punting – Sydney Morning Herald
Tabcorp will write down its wagering and media business by at least $1 billion – or a third of the division’s book value – after it was hit by COVID-19 shutdowns and in reflection of it losing ground to online bookmakers.
“We are facing a challenging and uncertain environment, and the current operating conditions and those expected into the future are relevant factors in assessing the value of the goodwill in those businesses at this time”.
Mr Attenborough and Tabcorp chair Paula Dwyer both announced their retirements 10 days ago after coming under pressure from investors over the companys performance.
The coronavirus pandemic has forced Tabcorp to shut down its retail betting agencies at various points over th…
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