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Australian Tax Dispute Cuts into Profit

24 April 2003

MELBOURNE, Australia -- Tabcorp Holdings Ltd., Australia's biggest gaming company, said a tax dispute with the government may cut its 2003 profit by A$10 million (US$6 million).

The dispute involves rent prepaid by a unit of its Star City casino in Sydney, the Melbourne-based company said in a statement to the Australian Stock Exchange.

Tabcorp, which agreed to buy Queensland-based Jupiters Ltd. for A$1.7 billion (US$1.1 billion) in cash, stock and assumed debt in February, is expected to earn A$258.2 million in the year ended June 30, according to a survey of 12 analysts by Thomson Financial.

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