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Tabcorp Cools Victoria Contract Speculation

4 November 2003

AUSTRALIA – As reported by the Sydney Morning Herald: "Tabcorp has said it has not yet started discussions over the future of its licence to operate in Victoria.

"In a statement to the Australian Stock Exchange, the company said it had not `entered into any negotiations or discussions with the Victorian Government regarding the term' ".

"The statement follows reports suggesting the company was prepared to forgo revenue and offer the Bracks Government more of its takings to shore up its position in the Victorian market.

"That would prevent competition from rival, interstate gaming companies. It has been suggested that TAB of NSW and Queensland's UNiTAB are interested in entering the Victorian market.

"…The report also suggests Tabcorp could move to renegotiate a $687 million payment, to be made to the company by the Victorian Government when the current licence expires.

"…Under the current set-up, Tattersalls and Tabcorp each operate half of the gaming machines in Victoria, aside from those at Crown casino…"

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