The Australian Transaction Reports and Analysis Centre has landed on a AUD 67 million civil penalty in relation to SkyCity Adelaide’s historical failure to comply with anti-money-laundering rules. The fine itself—about NZD 73 million—is a little better than our NZD 79 million expectation, but not materially so. More prominently, the fine now reduces some of the uncertainty hanging over the company.
Long-dated exclusive licences to operate the only casino in Auckland and Adelaide allow SkyCity to enjoy economic returns in a regulated environment.
At over NZD 1 billion, SkyCity's capital expenditure program is unprecedented in scale and scope, giving rise to significant execution risks.
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Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
LVS
| Las Vegas Sands Corp | Wfdtymxd | Mchhcfs | $35.0 Bil | |
GXYYY
| Galaxy Entertainment Group Ltd ADR | — | Qwtmblb | $22.4 Bil | |
GXYEF
| Galaxy Entertainment Group Ltd | — | Ybqkdyb | $22.4 Bil | |
SCHYF
| Sands China Ltd Shs Unitary 144A/Reg S | — | Lqdxhs | $21.8 Bil | |
SCHYY
| Sands China Ltd ADR | — | Dhjgng | $21.8 Bil | |
MGM
| MGM Resorts International | Npbvzgc | Lmcm | $12.9 Bil | |
WYNN
| Wynn Resorts Ltd | Mvtvlylm | Mgsyfnp | $10.8 Bil | |
CZR
| Caesars Entertainment Inc | Kmrnwqfqm | Cdx | $7.7 Bil | |
MLCO
| Melco Resorts and Entertainment Ltd ADR | Xzpdxmkt | Ddljjp | $3.8 Bil | |
PENN
| PENN Entertainment Inc | Zqbrfczx | Trwx | $2.4 Bil |
