SkyCity shares plummet amid potential casino licence suspension
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The news: SkyCity Entertainment shares have nosedived after the New Zealand Department of Internal Affairs applied to temporarily suspend its casino licence. The move followed a customer complaint that claimed management at SkyCity Auckland failed to comply with its requirements in detecting continuous play.
The numbers: SKC shares had fallen 17% to $1.80 by 10:47am AEST. The complainant was a former customer who gambled at SkyCity Auckland between August 2017 to February 2021.
The context: The NZ Gambling Commission's decision on any potential suspension could take months and the suspension itself would last a period of around 10 days. Any license suspension would not affect SkyCity's non-gambling activities.
The source: NZX Announcement
