Independent review into SkyCity Adelaide recommences
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The news: South Australia's Liquor and Gambling Commission has recommenced its independent review into SkyCity Entertainment Group to investigate the suitability its Adelaide casino licence.
The numbers: SkyCity said the independent review restarted on Tuesday and that justice Brian Martin was due to report his findings by 31 December.
The context: In February, the former commissioner put the review on hold, pending the resolution of civil penalty proceedings filed by the government's financial intelligence agency AUSTRAC.
Those proceedings were resolved earlier this month when the Federal Court ratified a $67 million civil penalty against SkyCity for historical non-compliance with anti-money laundering and counter-terrorism financing laws.
The troubled casino operator, which also admitted to breaches of anti-money laundering laws in New Zealand last month, has seen its share price shave 15% since the start of 2024. During this time, SkyCity's CEO, CFO and COO have departed, and the company cut its earnings guidance and suspended dividends earlier this month.
The source: ASX announcement
