Crown Resorts Ltd., the gaming company controlled by billionaire James Packer, slumped after first-half profit missed analyst estimates as a 26 percent decline in bets from high-rolling gamblers weighed on earnings.
Singapore Telecommunications Ltd. will renew a push to win mobile users against Telstra Corp. in Australia after currency moves and a focus on profitability drove its quarterly sales in the country down 14 percent.
Telstra Corp., Australia’s largest phone company, increased its dividend for the first time in nine years as it boosted its share of the domestic mobile market and awaited funds from the sale of a Hong Kong unit.
Tabcorp Holdings Ltd. , Australia’s biggest gambling company, plans to spin off its casinos into a separate company from its betting shops as it raises A$430 million ($425 million) in an entitlement offer.
Foster’s Group Ltd. ’s plan to spin off its wine unit may prompt bids from SABMiller Plc , Asahi Breweries Ltd. and other global beermakers attracted to the wider profit margins in Australia, fund managers said.
Tabcorp Holdings Ltd. , Australia’s biggest casino owner, will spend A$160 million ($146 million) to woo high-stakes bettors to Star City in Sydney with new luxury suites, private gambling rooms and its first two jet planes.
Foster’s Group Ltd. Chief Executive Officer John Pollaers, three months into the role, may tomorrow announce plans for share buybacks to blunt the appeal of SABMiller Plc’s hostile takeover bid as profit drops.