Australian racing and wagering giant Tabcorp has announced a net loss after tax of AU$636.8 million (US$417 million) for the six months to 31 December 2023, with the loss resulting from a non-cash impairment charge of AU$731.9 million (US$482 million).
According to details released Thursday, the impairment charge relates to certain assets in the New South Wales (NSW) and South Australian (SA) wagering businesses, and goodwill relating to the Wagering and Media segment, and takes into account softness in the Australian wagering market, the impact of higher interest rates, and higher taxes in NSW following the end of transitional payments to Tabcorp which had been in place following the recent increase in the NSW Point of Consumption Tax (POCT) rate in June 2022.
