Floods Cause TABCORP Revenue Reduction In Brisbane

By: Sarah Fortnum
April 14th, 2011

TABCORP has reported a 7.6% reduction in revenue at its Treasury Brisbane Casino for its third quarter due to the January Queensland floods.

The raging flood waters blocked punters from accessing the Brisbane casino, leading to a drop in return for horse racing betting.

TABCORP’s chief executive officer, Elmer Funke Kupper, had long expected a drop in revenue to result from the flooding.

“While the floods only led to the property closing for one day, customers could not get there for some time,” Mr Funke Kupper said.

“It took weeks for the Brisbane CBD to get back normal, so the Treasury result is what we expected.”

Mr Funke Kupper has found that now the flooding has subsided, Queensland betting is thriving once again.

“We are now largely back to normal, and both of our other Queensland casinos again recorded positive revenue growth,” he said.

“What we saw in the third quarter was revenue growth that exceeded the first half; that is very pleasing, it shows the strategies we are putting in place are working.”

The Brisbane Treasury Casino still managed to record $61 million in revenue for its flood-affected quarter.

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