Tabcorp Holdings Ltd., Australia’s largest gaming company, had a 12 percent fall in second-half profit after the introduction of smoking bans cut earnings from casinos.
Of course it "couldn’t possibly" be the smoking ban causing the drop in revenue – so it must be the Mis-Management of Tabcorp – so their contract is now up for review… Isn’t it great to know that "level playing field" secured Tabcorp’s business interests! Another lesson to be learned by the Hospitality Industries and Gaming Industries.
Tabcorp shares fell 3 cents to A$16.17 at the 4:10 p.m. close of trading in Sydney and have fallen 4 percent this year.
Earnings before interest and tax from Tabcorp’s four casinos, including Star City in Sydney and three in Queensland state, fell 17 percent to $177 million (Australian). The bans led people who smoke to gamble less or for shorter periods of time. As well as the smoking bans, the company also won less than usual from high-stakes gamblers, cutting $28 million from earnings.
Again: Smoking bans are "good" for business???