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    SKC   NZSKCE0001S2

SKYCITY ENTERTAINMENT GROUP LIMITED

(SKC)
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SkyCity Entertainment : NZ's SkyCity under investigation for money laundering at Adelaide casino

06/06/2021 | 07:52pm EDT

June 7 (Reuters) - SkyCity Entertainment Group on Monday said Australia's financial crime regulator had launched an investigation into possible breaches of anti-money laundering and counter-terrorism laws at the firm's operation in Adelaide.

SkyCity Adelaide, the Auckland-based company's only property outside New Zealand, generates about a sixth of its pre-tax profit.

The casino operator said the potential breaches found by the regulator, AUSTRAC, included concerns relating to ongoing customer due diligence and its maintenance of its compliance programme.

The shortfalls were found during an assessment conducted by AUSTRAC in 2019, which focused on SkyCity Adelaide's management of customers identified as high risk and politically exposed, between July 2015 to June 2016 and July 2018 to June 2019, SkyCity said. It did not elaborate.

An AUSTRAC spokesperson was not immediately available for comment.

The entertainment company said AUSTRAC's enforcement team had begun a formal investigation and the regulator had not yet decided on whether enforcement action would be taken. SkyCity said it would fully cooperate with the regulator on its investigation.

(Reporting by Savyata Mishra and Rashmi Ashok in Bengaluru Editing by Sonya Hepinstall and Sam Holmes)


ę Reuters 2021
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Financials
Sales 2022 816 M 573 M 573 M
Net income 2022 92,7 M 65,1 M 65,1 M
Net Debt 2022 436 M 306 M 306 M
P/E ratio 2022 26,1x
Yield 2022 3,02%
Capitalization 2 445 M 1 720 M 1 715 M
EV / Sales 2022 3,53x
EV / Sales 2023 2,90x
Nbr of Employees 3 784
Free-Float 87,1%
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Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 3,23 NZD
Average target price 3,81 NZD
Spread / Average Target 17,9%
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Managers and Directors
Michael Ahearne Chief Executive Officer
Julie Amey Chief Financial Officer
Robert James Campbell Chairman
Glen McLatchie Chief Information Officer
Callum Mallett Chief Operating Officer
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