Qld: Tattersall's to keep Golden Casket competitive: Beattie

AAP General News (Australia)
04-16-2007
Qld: Tattersall's to keep Golden Casket competitive: Beattie

BRISBANE, April 16 AAP - An agreement allowing gaming firm Tattersall's Ltd to manage
Golden Casket Lottery Corporation will keep the Queensland lottery operator competitive,
Premier Peter Beattie says.

Tattersall's is set to buy all the shares of Golden Casket from the Queensland government
for $530 million as it seeks more geographic diversity in its operations.

Golden Casket is the exclusive lottery operator in Queensland and represents the first
major domestic acquisition for Tattersall's since it merged with Queensland-based wagering
firm Unitab Ltd in October 2006.

Mr Beattie said the agreement would create Australia's leading lottery provider, with
annual sales of more than $2 billion across five states and territories - half of all
lotteries sold across Australia.

He said the deal would keep Golden Casket competitive.

"Unless we're part of a national pool then in the end the return to Gold Casket customers
and clients will shrink," he said.

"It's like any area, it's like with TAB - unless you're part of a national pool then
you become less competitive."

Mr Beattie said punters would not notice any difference under the arrangement.

Another $150 million in surplus cash held by Golden Casket will also be returned to
the government under the deal.

Deputy Premier and Treasurer Anna Bligh said the government would use the proceeds
to fund the new $700 million Children's Hospital in Brisbane, an election promise made
last year.

"This hospital was due to be funded by borrowings and debt," she said.

"This means that it can be funded outright, so the Queensland taxpayer gets a new state
of the art ... Queensland children's hospital without having to dip into their pockets
to pay for borrowings."

Under the deal, Golden Casket's head office will remain in Queensland and a national
lottery centre will be established in Queensland to oversee Tattersall's lottery business.

The Queensland government will retain ownership of the lottery licence and the Golden
Casket brand.

Golden Casket will be appointed as the licensed lottery operator until 2072 and will
have royalty-free, exclusive use of the Golden Casket brand.

Ms Bligh said the state would continue to receive lottery taxes.

AAP rm/lc/lh/mn

KEYWORD: TATTERSALLS BEATTIE

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