Glass Lewis Controversy Alert: SkyCity Entertainment Group

MT Newswires Live10-21

Glass Lewis raised concerns in its controversy alert for shareholders of SkyCity Entertainment Group (NZE:SKC, ASX:SKC) ahead of the gaming firm's annual general meeting scheduled for Oct. 31.

The environmental, social, and governance adviser cited multiple court proceedings against the company as the basis for its alert.

Its subsidiary SkyCity Adelaide was informed by the Australian Transaction Reports and Analysis Center last June 2021 regarding non-compliance with the Australian Anti-Money Laundering and Counter-Terrorism laws.

The regulator filed a civil court case related to the matter in December 2022 and subsequently proposed a penalty of AU$67 million, which was paid in July.

In July 2022, the South Australian Liquor and Gambling Commissioner started an independent review of SkyCity Adelaide's viability to hold a casino license. The review is slated for completion by Dec. 31.

Last February, the New Zealand Department of Internal Affairs filed a civil case against SkyCity Casino Management regarding potential breaches of New Zealand Anti-Money Laundering and Counter-Terrorism laws.

The company admitted to historical wrongdoings related to relevant anti-money laundering laws last May. It further acknowledged that it did not meet the requirements of the SkyCity Auckland Host Responsibility Program following an agreement last July, leading to the closure of SkyCity Auckland for five consecutive days.

The alert's rationale is centered on relevant media coverage and precedent-setting/unique ESG issues and falls under ethics and oversight issues.

Price (AUD): $1.35, Change: $-0.040, Percent Change: -2.88%

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