If Woolworths is having trouble disclosing exactly how much revenue it’s making from gambling, maybe ASIC should step in and help it out?
After two years of preparation, last week Australia’s biggest pokies operator Woolworths finally released the formal documents for its Endeavour Group demerger.
When the liquor and pubs demerger move was first announced in mid-2019, Woolworths CEO Brad Banducci got himself into all sorts of contortions trying to downplay the size of the enormous pokies business. He told ABC’s The Business that 7% or “a bit less than” $700 million of Endeavour Group’s total revenue was from poker machines, based on 2017-18 figures.
Banducci separately told investors his gaming unit was “about two-and-a-half times smaller than Crown and about half the size of Star”.
What has Mayne asked ASIC to investigate? Read on.
Already a subscriber? Log in to keep reading.
Or, register your email address for a FREE 21-day trial.
