Tabcorp and Tatts seek repayments from Victorian Government
Australian gaming companies Tabcorp and Tatts are seeking repayments of more than AUS$1 billion (€651.6 million/US$880.4 million) from the Victorian Government after changes were made to poker machine regulations.
According to ABC Australian, the Supreme Court in Melbourne heard that Tabcorp is suing for nearly $700 million plus interest after claiming it as entitled to a payment when its poker machine licences expired in 2012.
The Tatts Group is said to be seeking about $500 million from the Government in the Australian state of Victoria.
The two companies held a duopoly to operate 27,000 gaming machines outside Melbourne’s casino, but the rights were passed on to pubs and clubs when the licences expired.
Alan Archibald QC, Tabcorp’s barrister, told the court that the 1994 Gaming and Betting Act gave both Tatts and Tabcorp the right to a payout if their licenses were not renewed.
The Government argued that it does not have to make any payments as the 1994 act is no longer enforceable as it has been replaced by new legislation.
In addition, the Government also said that the gaming machine entitlements issued to venues in 2012 are materially different to the licenses that were held by the two gambling companies.
The case continues.
Related article: Tabcorp calls for new national betting regulations in Australia