Tabcorp reports $262m profit

MELBOURNE, Australia -- As reported by the (Australian) Daily Telegraph: "Gaming firm Tabcorp says it expects first half results for 2009 to be slightly higher than last year, but says trading conditions are difficult to predict.

"Tabcorp, which reported profit of $261.9 million in 2008, said that conditions in 2009 were challenging.

"Casino revenues were flat, gaming revenues were up 4 per cent and wagering revenues increased 11 per cent in the first quarter of 2009.

"...Tabcorp reported an annual loss of $707.5 million, mostly due to a Victorian government decision not to compensate the gambling firm for the loss of its duopoly gaming licence after 2012..."