SkyCity Adelaide ordered to appoint expert to review AML programs
South Australian Liquor and Gambling Commissioner will approve the appointment.
Australia.- SkyCity Entertainment Group has reported that the South Australian Liquor and Gambling Commissioner has ordered SkyCity Adelaide to engage an approved independent expert to undertake a review of SkyCity Adelaide’s anti-money laundering and counter-terrorism financing (AML/CTF) measures and host responsibility enhancement programmes. It said that amendments to the programmes will be made if required.
The independent expert will monitor the implementation of enhancement programmes by SkyCity Adelaide and ensure compliance with AML/CTF regulations and gambling harm minimisation obligations. A comprehensive report will be submitted to the commissioner.
According to the company’s filing, the appointment of an independent expert is “a significant step to provide an unbiased evaluation of SkyCity Adelaide’s AML/CTF measures and host responsibility programs.” It aims to enhance transparency and strengthen regulatory oversight.
Meanwhile, Brian Martin AO KC’s independent review into the suitability of SkyCity Adelaide remains on hold pending the resolution of civil penalty proceedings initiated by the Australian Transaction Reports and Analysis Centre. These proceedings were filed in the Federal Court of Australia on December 7, 2022.
It said the South Australian Liquor and Gambling Commissioner is deliberating on the appropriate course of action to be taken while the independent review is on hold.
SkyCity posts first-half revenue of US$290.9m
SkyCity has reported revenue was NZ$462.6m (US$290.9m) in the first half of the fiscal year 2023, up 59.6 per cent when compared to the previous year. Net profit after tax (NPAT) rose 168 per cent year-on-year to NZ$22.8m (US$14.43m), while earnings before interest, tax, depreciation, and amortisation (EBITDA) were up 421 per cent year-on-year to NZ$106.3m (US$67.34m).
Auckland brought in the most revenue at NZ$222.4m (US$141m), which represented 58 per cent of total gaming revenue. The figure was up 166.3 per cent when compared to the previous year. That was followed by Adelaide, which recorded gaming revenue of AU$91.3m (US$63.8m), up 29.3 per cent year-on-year. That represented 28 per cent of total gaming revenue.
SkyCity Hamilton reported gaming revenue of NZ34.5m (US$21.87m), up 69.8 per cent year-on-year while Queenstown recorded f NZ5.6m (US$3.55m), up 29.5 per cent. The group’s international business represented 3 per cent of total revenue and online 2 per cent.
