SkyCity to pay $21m fine to SA government for anti-money laundering breaches
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The news: SkyCity Entertainment Group (SCEG) and its Adelaide subsidiary have agreed to pay a $21 million fine to the South Australian Commissioner for Liquor and Gambling for breaches of anti-money laundering and counterterrorism laws.
The context: This follows an independent review that concluded last August, which found SkyCity suitable to keep its casino license despite significant management failures at its Adelaide precinct.
The fine will be paid in three tranches. It also mandates that the Skycity Adelaide board must comprise a majority of independent non-executive directors who are completely independent of SCEG and related entities by January 2028.
SkyCity Adelaide is also prohibited from delegating functions to SCEG without the commissioner’s approval, and it must completely phase out cash transactions above $4,999 alongside all junket activities.
What they said: “We accept the findings that led to this outcome and take seriously the obligations we have committed to,” SkyCity CEO Jason Walbridge said.
“The structural changes for the Adelaide Casino reflect a genuine commitment to operating as a responsible casino operator,” he added.
The source: ASX
