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Tabcorp shareholders approve casinos division spin-off

1st June 2011 8:13 am GMT

Shareholders of Australia’s Tabcorp Holding Limited have this morning approved plans to demerge the company’s casinos business, which earlier this week entered into an agreement to raise US$460m of debt from the U.S private placement market.

The demerger splits Tabcorp into two separate publicly listed companies on the Australian Securities Exchange.

Echo Entertainment Group will be the new corporate entity that will operate four of Australia’s premier casino and entertainment destinations - Star City in Sydney, Jupiters [...]

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