SkyCity Faces Potential Fines Over Adelaide Casino Violations

SkyCity Entertainment expects potential financial consequences in Australia due to purported violations at its Adelaide establishment.

Allocating $49 million (A$45m) for anticipated penalties and legal fees, the company braces for the civil proceedings’ fallout. Furthermore, the Adelaide casino’s licence valuation diminished by $49.7m (A$45.6m).

Get 125% / $2,500 on 1st deposit!

New players only. Exclusive Welcome Bonus of up to $2,500

Casino & Sports

On Monday, SkyCity relayed to the NZX that while they anticipate a penalty for their Adelaide branch, the exact amount remains undetermined by AUSTRAC.

Although the proceedings have just commenced, SkyCity Adelaide and AUSTRAC are in discussions to reach a consensus on the facts and possible acknowledgments. SkyCity stated, “Considerable uncertainty remains regarding the amount of any civil penalty SkyCity Adelaide may be required to pay.” The company also emphasized the unpredictability of the eventual sum and its timing, adding that these allocations “do not impact normalised earnings for SkyCity’s FY23 financial statements.”

SkyCity plans to unveil its comprehensive yearly results on the upcoming Wednesday, marking the close of 30 June. Current earnings match the projection, standing between NZ$300-$310 million for regular operational profits.

5BTC or 111% + 111 Free Spins!

New players only. Exclusive 111% Welcome Bonus + 111 Free Spins


This entire episode sprouted from a case presented in the Federal Court of Australia. Last December, the Australian Transaction Reports and Analysis Centre (AUSTRAC) took action against the casino. This was for presumed infractions of laws guarding against money laundering and terrorist financing.

This legal action can be traced back to an inquiry starting in June 2021. The primary focus was the casino’s adherence to the Australian Anti-Money Laundering and Counter-Terrorism Financing Act.

The post SkyCity Faces Potential Fines Over Adelaide Casino Violations appeared first on

Physical Address

304 North Cardinal St.
Dorchester Center, MA 02124