AUSTRALIAN CASINO REGULATION
State of Flux: changing regulation of the Australian Casino Sector THE AUSTRALIAN CASINO SECTOR HAS BEEN THROWN INTO DISARRAY AND THE CARDS HAVE YET TO SETTLE SAYS SHANNA PROTIC DIB AND COLLEAGUES
Background Over the last two years, the regulation, and operation, of the Australian casino sector has been in a state of flux – various Australian casino operators have been (and continue to be) the subject of extensive regulatory scrutiny (by way of investigations and enforcement actions), and the regulatory framework within which those operators conduct business has been reformed in a manner that has resulted in the imposition of much stricter and more prescriptive regulatory requirements. Interestingly, the scope of regulatory scrutiny placed on the Australian casino sector began within the remit of casino regulation but has now extended into other areas relevant to the conduct of a casino business, including corporate governance and financial crimes (anti-money laundering). Indeed, the Australian casino sector has been subject to an increasing level of regulatory oversight (and activity) by various Australian regulators, including State gambling regulators, the Australian financial crimes regulator, the Australi an
Transaction Reports and Analysis Centre (AUSTRAC) and the Australian corporate regulator, the Australian Securities and Investment Commission (ASIC). More generally, the Australian legal landscape for the wider gambling industry has resulted in much closer regulatory scrutiny, the implications of which are continuing to unfold. Certainly, the impact of these changes has had an effect, and will continue to have a long-standing effect, not just on Australian casino (and other gambling) operators, but also other Australian gambling stakeholders, including international investors, financiers and customers. The Australian casino sector The Australian casino sector is regulated largely under Australian State and Territory legislation. Currently, there is an array of casino operators in Australia, with each operator holding a licence on a state-by-state basis; generally, the right to operate a casino in each Australian States and Territories
PAGE 34
IMGL MAGAZINE | JANUARY 2023
Made with FlippingBook flipbook maker