Proposed Legislation Aims to Revolutionize Casino Penalties in Adelaide

In a daring move that will modify industry regulations for the gaming industry, South Australia’s Parliament will hear a bill that Consumer and Business Services Minister Andrea Michaels is prepared to introduce next week.

The goal of the proposed law is to increase the maximum fine for Adelaide’s casino operator from AU$100,000 ($65,000) to an astounding AU$75 million ($48.6 million).

This historic shift underscores the urgent need to align South Australia’s regulatory framework with national standards. It is the first of its kind since the legislation’s inception in 1997.

Michaels emphasizes the significance of achieving parity with fines levied by other states, signifying a noteworthy advancement in promoting accountability and honesty within the gaming industry.

The primary focus of the suggested modifications is the enlargement of the authority bestowed to the South African Liquor and Gambling Commissioner under the Casino Act.

With increased supervision authority, the Commissioner will be able to license and oversee the state’s casino, carry out in-depth investigations, and punish gambling behemoth SkyCity, a significant participant in the Australian and New Zealand markets.

The ongoing federal and state investigations against SkyCity are a backdrop for these legislative developments, which highlight the company’s compliance strategies.

Notably, AUSTRAC brought legal action against SkyCity Adelaide in 2022, alleging chronic infractions of laws prohibiting the support of terrorism and money laundering.

In response, SkyCity recently raised the sum set aside from AU$45 million ($29 million) to AU$73 million ($47.3 million) in order to cover potential legal penalties.

The company recognized its participation with AUSTRAC in a statement to the Australian Stock Exchange, demonstrating a proactive attitude to regulatory issues.

Aristocrat executive Jason Walbridge, a seasoned leader, is named CEO of SkyCity Entertainment Group as legal procedures draw near.

With Walbridge joining the company in early July, a new era for the company has begun. From its headquarters in New Zealand, the company will be able to manage the intricate regulatory structure.

Original Story by: Asian Gaming Brief