Oz Clubs In Financial Strife
About 60 clubs in New South Wales – or 5 percent of the industry – are in administration or trying to amalgamate, reported Sydney’s Daily Telegraph.
A combination of factors are to blame, including poker machine taxes, indoor smoking bans and the global economic downturn.
Clubs NSW CEO David Costello accused banks of being uncooperative in extending loans.
Meanwhile, two music venues – Sydney’s Oxford Art Factory and Melbourne’s The Tote – are for sale.