SkyCity Entertainment Faces Proposed Lawsuit for Alleged Breaches of Anti-Money Laundering Laws
SkyCity Entertainment, the New Zealand-based casino operator, saw its shares drop significantly following news that its subsidiary, Skycity Casino Management Ltd (SCML), is facing a proposed lawsuit for alleged breaches of anti-money laundering laws. Shares fell by up to 2.4% to NZ$2.03, marking the largest daily loss since December 19 if the downward trend continues. The company confirmed that New Zealand’s Internal Affairs Department is planning to initiate civil proceedings against SCML, which could result in a maximum penalty of NZ$8 million ($4.91 million) for the breach.
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