SKC - Sky City

[Sideshow Bob]

One of the analysts on The Bull has SKC as a sell....even at $1.70 AUD

https://thebull.com.au/18-share-tips/22-april-2024/

On February 1, 2024, SKC announced it had revised its provision for a potential civil AUSTRAC penalty and associated legal costs from $A45 million on June 30, 2023, to $A73 million at December 31, 2023. The casino operator’s revised provision is an estimate of the potential exposure to penalties and legal costs. AUSTRAC filed civil penalty proceedings against SkyCity Adelaide, alleging contraventions under the Australian Anti-Money Laundering and Counter-Terrorism Financing Act. Reported revenue and profit from continuing operations fell marginally for the six months to December 31, 2023, when compared to the prior corresponding period.

[dubya]

$AU67 million fine

https://announcements.nzx.com/detail/431290

[Filthy]

$AU67 million fine

https://announcements.nzx.com/detail/431290

from memory they had provisioned about mid to high 70s for this, so taking into account lawyers fees, probably going to be bang on.... hopefully with a mill or two 'in change'.

[Gerald]

https://www.afr.com/companies/games-...0240520-p5jf09

Competitor Star getting some takeover interest. Could we see similar for SKC?

[Balance]

https://www.afr.com/companies/games-...0240520-p5jf09

Competitor Star getting some takeover interest. Could we see similar for SKC?

Hope not.

NZX and NZ can ill-afford another billion dollar entity becoming foreign owned.

[Filthy]

https://www.nzx.com/announcements/431368

$4M fine; better than the expected 10-day suspension.

slowly being de-risked.

[Balance]

https://www.nzx.com/announcements/431368

$4M fine; better than the expected 10-day suspension.

slowly being de-risked.

That is still to be resolved ( and to come).

But yes, been resolved one at a time.

Must say Sky City lawyers are doing a good job.

[Filthy]

That is still to be resolved

yep, assuming the HC hearing is just a formality eh?

[Balance]

yep, assuming the HC hearing is just a formality eh?

Sky City’s NZ operations will get suspended imo - too serious to be resolved without some penalty. Hopefully it will be for less than 10 days.