As former AFL CEO Gillon McLachlan settles into an observer role before formally starting as Tabcorp CEO on August 5, one of the first things he’ll observe is a $600 million cheque going from Tabcorp to the Victorian government before June 30 as a downpayment on its new 20-year monopoly Victorian wagering license.
This is not something McLachlan will be familiar with. During his 20-year run at the AFL, the last 10 as CEO, he was very much accustomed to governments, gambling, and media outfits deluging money into his monopoly not-for-profit organisation, not the other way round.
As the Tabcorp announcement to the ASX declared yesterday, McLachlan “has a proven track record of delivering growth”, given that AFL revenues more than doubled from $502 million to $1,063 million during his 10 years as CEO.
Yes, but how much of that came from the toxic gambling industry?