Tabcorp (ASX:TAH) is a diversified entertainment group specialising in gambling and a variety of other entertainment products.

TAH has reported a 2.7% on-year rise in 1Q12 revenue to $759.4 million.

All of TAH’s divisions recorded growth in the quarter, reflecting the group’s well executed investments in those businesses.

TAH has been one of the shares to buy today on the back of the update.

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Tabcorp Holding’s (TAH) core business is wagering and gaming in Australia. Tabcorp has the exclusive license in Victoria to sell totalizer bets through the brands TAB, Footybet and National Sportsbet. The gaming division owns and operates gaming machines in hotels and licensed clubs.

Tabcorp also owns and operates New South Wales only casino, Star City, plus Queensland casinos. After the Jupiters and TAB acquisitions, Tabcorp is the fourth largest global entertainment and gaming group.

Tabcorp has finally received approval from the Supreme Court of Victoria to split its business in two.

The company’s casino assets will be spun off into the separately listed company Echo Entertainment Group. Echo is expected to commence trading on Monday 6 June 2011 under the stock code EGP.

Tabcorp shares will continue to trade under the code TAH and will include the company’s wagering, gaming and keno business. Both companies are seen as takeover targets following the demeger, with Echo rumoured to be in the sights of casino business Crown Limited (CWN).

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Tabcorp (TAH) is a diversified entertainment group specialising in gambling and a variety of other entertainment products.

While TAH offers wagering, gaming, hospitality and media activities across Australia, it is renowned for its customer brands, which include Star City and Jupiters casinos, TAB, Keno, Tabaret and TAB Sportsbet.

TAH has been of the hot stocks in recent months, surging from a low of $6.18 in mid-August to be currently trading around $7.10.

On 18 October, TAH announced that it plans to demerge its casino and gaming operations, and launch a $430 million capital raising.

The proceeds of the capital raising will be used to fund growth initiatives and ensure both entities have appropriate capital structures.

TAH stated that the demerger is expected to be completed by 1 July, 2011, subject to regulatory approvals.

In stock market trading, TAH shares remained in a trading halt on the day of the announcement.