Analysts say SkyCity is likely to face fines of AU$50m (US$32.21m) due in 2024 following investigations by AUSTRAC.
Australia.- SkyCity Entertainment Group could face severe sanctions in Australia as a result of ongoing investigations. According to a report by Jarden, a New Zealand leading full-service investment banking firm, the casino operator could face fines totalling AU$50m (US$32.21m) due in 2024.
The company is facing two probes related to its operations in Adelaide, South Australia. Last week, it was reported to be depositing large sums of cash to cover potential fines as a result. The investigations follow on public inquiries into first Crown Resorts and most recently the Star Entertainment Group in other states. SkyCity said it would fully cooperate with the reviews.
Jarden also estimates that Star Entertainment Group will be fined AU$300m (US$193.25m) – AU$100m in NSW, AU$100m in Queensland AU$100m from AUSTRAC. SkyCity has not received any enforcement notices to date and its Adelaide operations have not been found to have used China UnionPay and it had more limited VIP play when compared to Star Entertainment Group and Crown Resorts.