Thursday, March 3, 2016 : TATTS LOSES POKIES COMPENSATION APPEAL
Aussie gambling group will have to pay the Victoria State treasury authorities A$540 million.
Australian land and online gambling group Tatts has lost its long-running High Court pokie machine compensation appeal and will now have to pay the state of Victoria treasury authorities A$540 million, along with the state's reportedly considerable legal costs and interest.
The litigation dates back to 2012, when the Victoria provincial government did away with the monopoly on pokie machine action enjoyed by Tabcorp and Tatts and the gambling groups successfully sued two years later for termination compensation. Tatts' share of that was A$450 million, leaving the government reeling from its worst financial crisis ever.
However the government continued to fight the lower courts findings, culminating in this week's High Court finding against both gambling groups.