Nov. 26 (Bloomberg) -- Tabcorp Holdings Ltd., Australia’s biggest gambling company, hired Larry Mullin from the Borgata Hotel Casino & Spa to run its casino division after the resignation of Walter Bugno.

Mullin will start on Feb. 1 subject to regulatory approval, Melbourne-based Tabcorp said in a statement today. Borgata, the most profitable casino hotel in Atlantic City, is a joint venture between Boyd and MGM Mirage, both of which are based in Las Vegas.

The 46-year old Mullin joins Tabcorp as the Melbourne-based company boosts spending on its most profitable division, including the A$475 million ($309 million) refurbishment of Sydney’s Star City, the only casino in Australia’s largest city. The unit’s 2008 earnings before interest and tax of A$368 million were 41 percent of Tabcorp’s total in the 12 months to June 30.

“Larry is a strong fit for our casino business and brings outstanding and relevant experience to Tabcorp,” Chief Executive Officer Elmer Funke Kupper said in the statement. “He has a real passion for entertainment and for the delivery of great customer service, having created the leading casino in Atlantic City.”

Mullin, who started his casino career as a concierge, has worked in the industry for 20 years with time at Harrah’s Entertainment Inc. and Trump Entertainment Resorts, the casino business of Donald Trump.

Career

He became president and chief operating officer of Borgata in 2006. The venue has more than $1 billion in annual revenue from 2,000 rooms, 4,100 slot machines, 200 gaming tables as well as restaurants and retail outlets.

In June, Borgata opened a $400 million property, The Water Club, which has five pools and a two-story spa.

Borgata reported a 0.7 percent decline in gambling revenue in the 10 months through October to $626.5 million, compared with the 6.6 percent overall decline among Atlantic City’s 11 casinos.

Tabcorp has four casinos, including Star City and three venues in Queensland state, attracting 18 million visitors a year. Tabcorp also owns Australia’s largest chain of betting shops and a slot machine unit in Victoria.

Bugno, 48, resigned from Tabcorp on Nov. 13 to pursue a business opportunity in London. He agreed to lead the business until early 2009 pending a permanent replacement.

To contact the reporter on this story: Robert Fenner in Melbourne rfenner@bloomberg.net

Last Updated: November 25, 2008 17:35 EST