New Zealand-based SkyCity Entertainment recently confirmed at the company’s annual investor meeting that its SkyCity Adelaide casino is currently the subject of two ongoing suitability investigations, one from a state-sponsored independent review and the other from the federal financial crime watchdog known as AUSTRAC.
In June of last year, AUSTRAC named SkyCity in its list of subjects in a wide-scale investigation into potential violations of anti-money laundering law, alongside fellow operators Crown Resorts and Star Entertainment. However, Crown and Star have received much of the media attention, with SkyCity largely slipping through the cracks in terms of scrutiny.
The state’s Office of the Liquor and Gambling Commissioner (OLGC) then announced in July of this year that it was conducting an independent review of South Australian casino operations, in light of other damning inquiries in nearby states such as New South Wales, Victoria and Queensland.
At the time, state officials confirmed that SkyCity Adelaide would be included in proceedings. The review is being headed by Brian Martin KC, and it is expected to conclude by February 1, 2023.
SkyCity Chairman Julian Cook acknowledged the two investigations while speaking to investors, saying, “We continue to cooperate with AUSTRAC in relation to its enforcement investigation, which commenced in June 2021, into potential serious non-compliance by SkyCity Adelaide. That engagement has included the provision of information and documents required by AUSTRAC We are continuing to respond to a significant number of questions and information requests from AUSTRAC which we are treating very seriously.”
Cook also noted that the company is currently working in conjunction with Martin for the state-sponsored inquiry, and added that “any such action, and any associated penalties, could have a significant financial and reputational impact on SkyCity.”
