- Wednesday, October 16, 2024
Sky City Entertainment has announced that it will be making a provision for a potential penalty for alleged non-compliance with Australian anti-money laundering and counter-terrorism financing laws. In addition, the company's casino license in Adelaide will also be impacted.
The provision being made by Sky City amounts to AUD 45 million (USD 29.4 million), although the Australian Transaction Reports and Analysis Centre (Austrac) could seek an even larger civil penalty. Sky City has cautioned that the size of the penalty could differ significantly from the provision made and that uncertainties still remain. Furthermore, the timing of when the civil penalty will need to be paid by Sky City Adelaide is also uncertain.
Sky City has also stated its intention to write down the value of its Adelaide casino license by AUD 45.6 million.
Despite these setbacks, the company has reaffirmed its guidance for normalized earnings before interest, tax, depreciation, and amortization in the range of NZD 300 million (USD 181.6 million) to NZD 310 million for the 12 months through June.
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