{"id":48049,"date":"2023-08-14T03:22:29","date_gmt":"2023-08-14T07:22:29","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/sky-city-to-take-provision-for-potential-austrac-penalty-impair-adelaide-casino-license\/"},"modified":"2023-08-14T03:22:30","modified_gmt":"2023-08-14T07:22:30","slug":"sky-city-to-take-provision-for-potential-austrac-penalty-impair-adelaide-casino-license","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=48049","title":{"rendered":"Sky City to Take Provision for Potential Austrac Penalty, Impair Adelaide Casino License"},"content":{"rendered":"
\n

By David Winning<\/p>\n

<\/pre>\n
SYDNEY–Sky City Entertainment said it would book a provision for a potential penalty for alleged non-compliance with Australian anti-money laundering and counter terrorism financing laws, while also impairing its license to operate a casino in Adelaide.<\/p>\n
\n
Sky City said the provision totals 45 million Australian dollars (US$29.4 million), but cautioned that the civil penalty sought by the Australian Transaction Reports and Analysis Centre, or Austrac, could be larger.<\/p>\n
“The size of any penalty SkyCity Adelaide is exposed to could vary materially from the amount of the provision and significant uncertainties remain,” the company said in a regulatory filing on Monday. “The timing of any civil penalty to be paid by Sky City Adelaide is also uncertain.”<\/p>\n
Sky City said it also intended to write down the value of its Adelaide casino license by A$45.6 million.<\/p>\n
Still, the company reaffirmed guidance for normalized earnings before interest, tax, depreciation and amortization of between 300 million New Zealand dollars (US$181.6 million) and NZ$310 million in the 12 months through June.<\/p>\n
<\/pre>\n
Write to David Winning at david.winning@wsj.com<\/p>\n
<\/pre>\n<\/p><\/div>\n<\/div>\n
Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
By David Winning SYDNEY–Sky City Entertainment said it would book a provision for a potential penalty for alleged non-compliance with Australian anti-money laundering and counter terrorism financing laws, while also impairing its license to operate a casino in Adelaide. Sky City said the provision totals 45 million Australian dollars (US$29.4 million), but cautioned that the […]<\/p>\n","protected":false},"author":1,"featured_media":1898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-48049","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nSky City to Take Provision for Potential Austrac Penalty, Impair Adelaide Casino License | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By David Winning SYDNEY--Sky City Entertainment said it would book a provision for a potential penalty for alleged non-compliance with Australian\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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