SkyCity Adelaide shenanigans to be reviewed

SkyCity (ASX: SKC) says the acting South Australia Liquor and Gambling Commissioner for Consumer and will recommend an independent review into SkyCity Adelaide.

SKC’s shares price reacted positively to the news, surging almost 3% on the ASX in early trade this morning to $1.44.

Earlier this year SkyCity Entertainment was fined $67 million for breaches of money laundering and anti-terrorism laws at SkyCity Adelaide, but the company has now advised that the Commissioner has recommended that the independent review – led by Mr Brian Martin – into the Adelaide casino’s operations proceeds.

The acting commissioner has apparently advised that the review would recommence from 11 June and that Mr Martin would report back to the Acting Commissioner with his findings by 31 December, 2024.

Mr Martin had first been appointed in July 2022 under Section 22(2) of the Casino Act to determine the suitability of SkyCity to continue to hold a casino licence in Adelaide.

The independent review was put on hold in February 2023 pending the civil penalty proceedings filed by AUSTRAC, which ultimately made adverse findings against SkyCity Adelaide in the Federal Court on 7 June.

SkyCity has pledged to fully cooperate with Consumer and Business Services and the Commissioner in relation to the independent review.