Casino Slot Machine. Source: Shutterstock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

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.

SKC by the numbers
More From The Market Online
The Market Online Video

ASX Daily Close: ASX matches futures prediction on a green Friday | 21 June 2024

The ASX200 reversed its trend to end the week in the green, up 0.35%. Nearly all…
The Market Online Video

ASX Market Update: Stocks swing from green with energy to remorseful red | 21 June, 2024

The ASX200 came out the gate in the green on Friday, but slipped well below the red line within the first hour of

Week 25 Wrap: No RBA cut yet; India stocks shake off Modi jitters; China concerns remain

The RBA keeps rates on pause; Guzman Gomez falls nearly -5% on Friday; Droneshield's new ATH;…

Plagues precede widespread power shifts. We’re living in one – and minerals are at the fore

The one defining feature of our post-COVID 'new normal' is a USA swing towards domestic supply…