SkyCity's gaming revenue dispute heads to High Court appeal
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The news: SkyCity will be able to appeal a South Australia Court of Appeal decision in a long-running dispute with the State's Treasurer following a High Court decision today.
The context: In an update to the ASX, the casino operator said the High Court granted it leave to appeal the earlier court decision, which had found that gaming machine credits arising from loyalty points should be included as the company's gaming revenue when calculating casino duty at the SkyCity Adelaide casino.
The High Court will conduct an appeal hearing later this year.
SkyCity said that if unsuccessful in its appeal, it could face a penalty interest on the additional casino duty of around $22.8 million. If successful in its appeal on the point of gaming revenue in the duty calculation, but unsuccessful on penalty interest, the company anticipates penalty interest of up to around $2.4 million.
SkyCity lost its initial appeal of the Treasurer of South Australia's dispute on gaming revenue and casino duties in February.
In a securities announcement following that court decision, SkyCity said it anticipates having to pay additional casino duty in light of its appeal loss of around $13 million.
The source: ASX announcement
