Good morning. Limited co-operation between AUSTRAC and casino regulators was identified as a factor that led to Crown’s money-laundering mishaps falling through the cracks, so to speak. Today’s Industry Opinion piece comes from Jamie Nettleton and Brodie Campbell of Addisons. The duo discusses the future of Australia’s AML/CTF laws and how this will be seen impacting domestic casino operators.
What you need to know
- Macau is unlikely to see any significant easing of travel restrictions until next year, with real improvement in gross gambling revenue not seen until 4Q21.
- Macau authorities say the outbreak scare is not yet over, after they found traces of Covid in eight samples taken from locations around the city.
- Scientific Games returned to profit in 2Q21 as all business divisions showed sequential growth and its lotteries and digital divisions delivered records.
- Genting Malaysia shares jumped 4% on Monday after the government announced easing of its Covid restrictions as vaccinations rise.
On the radar
- Reef Casino has closed, whilst Star QLD properties have reopened.
- Solaire operator buys back millions of shares for stock incentive plan.
- DraftKings has acquired Golden Nugget Online Gaming in a $1.56bln deal.
- A Saipan slot operator is suing the DOF to stop a new license fee hike.
What the papers say
- IPI will defer its next settlement installment to fix its unstable tower cranes.
- The CNMI casino regulator has enough funds to last only one more year.
- Cambodia has denied news reports that SEZs are hosting casinos.
- Shaquille O’Neal is the new brand ambassador for WynnBet.
- The Philippines hospitality industry is expected to drop by 60% in August.
AGB Intelligence
INDUSTRY OPINION: Jamie Nettleton & Brodie Campbell, Addisons
Crown case highlights lack of regulatory communication
Despite the increased scrutiny recently of Australia’s AML/CTF laws, the recent announcement of investigations into land-based casinos highlights the difficulties that regulators face when it comes to monitoring AML/CTF compliance and enforcing breaches. Some of the problems involved in monitoring compliance with AML/CTF laws may be attributable to the apparently limited cooperation to date between AUSTRAC and casino regulators.
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