SkyCity: Austrac Fine Gives a Bit of Certainty Amid a Shroud of Doubt

The Australian Transaction Reports and Analysis Centre has landed on a AUD 67 million civil penalty in relation to SkyCity Adelaide’s historical failure to comply with anti-money-laundering rules. The fine itself—about NZD 73 million—is a little better than our NZD 79 million expectation, but not materially so. More prominently, the fine now reduces some of the uncertainty hanging over the company.