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SkyCity believes it could pay as much as AU$45 million (US$29.2 million) provision to settle any eventual fine. That\u2019s how much it has set aside in preparation. Each violation it faces carries a fine of between AU$18 million and AU$22.2 million (US$11.7 million and $14.4 million).<\/p>\n<\/div>\n
SkyCity already took a hit on the property when it included an AU$45.6 million (US$29.3 million) impairment writedown for its license in its latest financial report. It indicated that neither the AUSTRAC provision nor the impairment would impact its normalized earnings.<\/p>\n
SA\u2019s Office of the Liquor and Gambling Commissioner (OLGC) is also looking into the company. SkyCity could face additional penalties once that investigation wraps up.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Zealand-based gaming operator SkyCity Entertainment is lifting COVID-19 travel restrictions. This has helped the company report a substantial revenue increase this year, but they could still face financial issues over pending fines in Australia. SkyCity reported a 44.9% year-on-year increase in revenue for the 12 months from July 2022 to June 2023. The final […]<\/p>\n","protected":false},"author":64,"featured_media":286400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[13363,87003,82489],"acf":[],"yoast_head":"\n
Casino Operator SkyCity Reports 45% Year-On-Year Revenue Jump - Casino.org<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n