{"id":39033,"date":"2019-08-19T06:50:32","date_gmt":"2019-08-19T06:50:32","guid":{"rendered":"https:\/\/gaming-awards.com\/NEWS\/?p=39033"},"modified":"2019-08-16T10:40:51","modified_gmt":"2019-08-16T10:40:51","slug":"junkets-probe-worries-skycity-boss","status":"publish","type":"post","link":"https:\/\/gaming-awards.com\/NEWS\/junkets-probe-worries-skycity-boss\/","title":{"rendered":"Junkets probe worries SkyCity boss"},"content":{"rendered":"<div id=\"attachment_39034\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-39034\" class=\"size-medium wp-image-39034\" src=\"https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2019\/08\/graeme-stephens-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2019\/08\/graeme-stephens-300x200.jpg 300w, https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2019\/08\/graeme-stephens-768x512.jpg 768w, https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2019\/08\/graeme-stephens-1024x683.jpg 1024w, https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2019\/08\/graeme-stephens-220x146.jpg 220w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-39034\" class=\"wp-caption-text\">Graeme Stephens<\/p><\/div>\n<p style=\"text-align: left;\"><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">Concerns have been raised by the Chief Executive of\u00a0 SkyCity Entertainment Group Ltd that revenue from VIP gamblers may be curbed by official investigators. They are currently looking into connections between the Australian gaming industry and Chinese criminal organisations. The chief executive, Graeme Stephens, raised his concerns with the local media. <\/span><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">At the moment, SkiyCity Entertainment is based in New Zealand and runs three casinos there along with one in Australia. Most of its foreign patrons are Chinese VIPs, who trips are often arranged by junket operators.<\/span><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"background: white; margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">A report on Wednesday in the online edition of the Sydney Morning Herald quotes Mr Stephens\u00a0as saying: \u201cWe\u2019re not quite sure what\u2019s going to happen in the world of junkets\u2026 it\u2019s difficult to ignore the media and related responses in the case of Crown over the last few weeks.\u201d<\/span><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">Last week, the New South Wales Independent Liquor and Gaming Authority announced that it was launching an investigation into the \u201cchange in state affairs\u201d of Australian casino operator Casino Resorts Ltd. In addition, it was also looking into \u201cvarious matters raised in recent media reports\u201d, pointing towards articles that were recently published in the Nine Network, the Sydney Morning Herald, and the Melbourne Age relating the gaming firm. <\/span><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">The reports, which have been carried in the Australian media since July, alleged that Crown Resorts\u2019 Australian casino business had been a conduit for money laundering and Chinese organised crime activities via high-roller gambling. <\/span><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">However, Crown Resorts denied the allegations and has offered to fully cooperate in any inquiry. <\/span><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"background: white; margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">Crown Resorts \u2013 which has traditionally been strong in high-stakes play \u2013 runs a gaming resort in Melbourne, Victoria; one in Perth, Western Australia; and is developing a third at Barangaroo in Sydney, New South Wales.<\/span><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">The Sydney Morning Herald quotes Mr Stephens as telling investors: \u201cWe\u2019re not sure what that means for us, so that\u2019s added another layer of uncertainty in a world which is inherently difficult to predict.\u201d<\/span><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">The report quotes the finance officer for SkyCity as having said that the volatility of the VIP gaming market makes tapping foreign gamblers the riskiest part of the business his company does.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">SkyCity Entertainment reported on Wednesday that its annual net profit fell to NZD144.6 million (US$93.13 million) in its financial year ended last June 30, or 14.7 percent less than the year before.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">Annual revenue fell by 2.5 percent to NZD905.4 million. The company declared a final dividend of NZD0.10 a share, payable on September 13 to shareholders on record on August 30.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Concerns have been raised by the Chief Executive of\u00a0 SkyCity Entertainment Group Ltd that revenue from VIP gamblers may be curbed by official investigators. They are currently looking into connections between the Australian gaming industry and Chinese criminal organisations. The chief executive, Graeme Stephens, raised his concerns with the local media. \u00a0 At the moment, [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":39035,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[123,2,11,8],"tags":[],"class_list":["post-39033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australia","category-gaming","category-headlines","category-latest"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Junkets probe worries SkyCity boss - iGaming Post<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gaming-awards.com\/NEWS\/junkets-probe-worries-skycity-boss\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Junkets probe worries SkyCity boss - iGaming Post\" \/>\n<meta property=\"og:description\" content=\"Concerns have been raised by the Chief Executive of\u00a0 SkyCity Entertainment Group Ltd that revenue from VIP gamblers may be curbed by official investigators. 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