SkyCity welcomes new CFO Peter Fredricson
SkyCity Entertainment has appointed AMP’s former finance team member Peter Fredricson to be CFO.Fredricson has more than twenty five years of experience in listed energy...
Australian minister plans huge fine increase for SkyCity
Minister for Australian Consumer and Business Services Andrea Michaels wants to amend the legislation to increase the penalties for Adelaide’s casino operator.
She wants to increase the maximum penalties from its current sixty-five thousand dollars to $48.6 million. This is the first time the law has been altered since 1997. According to Michaels, this modification is necessary to ensure that South Australia’s sanctions are equal to those in other states.
The Liquor and Gambling Commissioner in South Australia will have additional authority under the Casino Act if the new bill is passed. They will have the authority to determine whether the casino maintains its license, undertake investigations, and penalize SkyCity, the operator of the casino, for any violations.
This adjustment is made while SkyCity is being investigated by the federal and state governments. AUSTRAC, an organization that monitors money laundering and the funding of terrorism, filed a lawsuit against SkyCity Adelaide in 2022 on the grounds that they were not abiding by the regulations. SkyCity returned to court in June after agreeing to pay a sizable fine in February.
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SkyCity strengthens anti-money laundering measures
SkyCity's Chief Risk Officer is implementing new initiatives aimed at preventing the casino from being exploited for money laundering, following substantial penalties levied...
