SkyCity CFO resigns amid money laundering probes
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The news: SkyCity Entertainment's chief financial officer Julie Amey has resigned, as the troubled casino operator faces ongoing allegations of non-compliance with anti-money laundering and terrorism financing laws.
The numbers: Amey, who joined SkyCity as CFO in May 2021 after holding finance leadership roles at Shell, will step down from her role on 25 September.
Last month, SkyCity said it anticipates having to pay additional casino duty of around $13 million, after the South Australian Court of Appeal decided that gaming machine credits arising from loyalty points should be included as gaming revenue when calculating casino duty at the SkyCity Adelaide casino.
It noted that the impact on its underlying group EBITDA due to the ruling would be around $2 million "with the balance of the additional casino duty payable for previous periods to be provided for as a one-off cost".
The context: During a period where the company has been hit with claims of non-compliance with anti-money laundering and terrorism financing laws in both Australia and New Zealand, SkyCity's New Zealand subsidiary faces a civil penalty proceeding brought by the New Zealand Department of Internal Affairs, while the group will also appear before the Federal Court of Australia in June.
News of Amey's exit follows the departure of SkyCity's former CEO Michael Ahearne last month.
What they said: SkyCity's interim CEO Callum Mallet said: "Julie has been responsible for the financial management for the SkyCity Entertainment Group and overseen the business' capital markets and internal assurance functions through a very complex and demanding period".
The source: ASX announcement
