Tabcorp Holdings Ltd announced it is to be issued a new NSW Keno License to operate the NSW Keno business until 2050.
Keno is a random number game played every three minutes offering instant prizes and large jackpots. Keno is available in over 1,800 NSW Clubs and Hotels.
Tabcorp operates Keno in NSW under a management agreement with Club Keno Holdings Pty Ltd, which is a joint holder of the license.
Tabcorp will make a payment of $25 million to the NSW Government, expected to occur in 2H FY16. An annual fee of $3 million will start one year after license commencement, increasing to $4.5 million 2022, thereafter indexed at 2.5 percent for the license term.
Tabcorp managing director and CEO, David Attenborough, said Tabcorp was delighted to extend Keno’s presence in NSW licensed venues to 2050.
“Keno is an important part of the entertainment offer in NSW’s licensed venues. The license extension gives us the certainty to invest in the NSW market for the long-term” said Attenborough.