Casino operator SkyCity has agreed to pay a penalty of about $75 million for alleged breaches of anti-money laundering and counter-terrorism financing laws in Australia.

Australian authorities filed civil penalty proceedings in the Federal Court against SkyCity’s Adelaide casino in December 2022.

The company has set aside a total of $79 million for the case, which included the penalty and legal costs compared to the previous $49 million it had set aside.

Forsyth Barr analysts estimated legal costs could range between A$1-3m.

SkyCity said it has come to an agreement with Austrac (Australian Transaction Reports and Analysis Centre) relating to which breaches it would admit to in the proceedings, and the amount it would pay as a penalty.