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The operator of Adelaide Casino, SkyCity, may encounter substantially heightened penalties, potentially reaching up to AUD75 million (€45.6 million) if found guilty of misconduct. This significant increase, proposed as part of an overhaul of South Australia’s (SA) gambling laws, aims to hold the state’s sole casino license holder accountable and align penalties with community expectations.
Addressing regulatory concernsABC News quoted Australia’s Consumer and Business Affairs Minister Andrea Michaels as emphasizing the necessity to ensure fines serve as a genuine deterrent rather than merely a cost of business. The proposed legislation, to be introduced to parliament, seeks to not only raise penalties for criminal offences but also cover past and future conduct, enabling retrospective fines.
AUSTRAC allegations and financial RamificationsThe proposed changes follow the Australian Transaction Reports and Analysis Centre’s (AUSTRAC) allegations of systemic non-compliance against SkyCity, including failure to carry out due diligence on numerous customers. SkyCity’s decision to increase reserves for potential civil penalties from AUD45 million (€27.3 million) to $73 million (€44.4 million) underscores the seriousness of the matter.
Regulatory oversight and accountabilityActing Liquor and Gambling Commissioner Fraser Stroud highlighted the imperative of updating South Australia’s legislation, citing penalties issued in other states exceeding AUD100 million (€60.8 million). The proposed amendments aim to enhance accountability and ensure appropriate regulatory oversight of casino operations.
Political response and public scrutinySA independent MP Frank Pangallo welcomed the proposed penalty changes, advocating for stringent regulation of SkyCity’s operations. Opposition leader David Speirs acknowledged the need to modernize casino laws and expresses tentative support for the government’s proposal, pending further review of the details.
Consultation and legislative processConsumer Affairs Minister Michaels affirms the government’s commitment to consulting parliament on the proposed changes once the bill is introduced. The outcome of this legislative initiative will likely shape the future regulatory landscape for Adelaide’s casino industry.
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Galaxy Macau, a premier destination for luxury accommodations, is set to launch a new 5-star hotel, the Capella Hotel, in mid-2025. It is being described as ‘a serene oasis in the centre of a bustling city”. This addition will further solidify Galaxy Macau’s position as a leading luxury resort, already housing eight renowned hotels, including the Banyan Tree and the Ritz-Carlton.
The upcoming Capella Hotel, officially named Capella at Galaxy Macau, will be a 17-floor architectural marvel showcasing Galaxy’s signature gold exterior. The hotel is designed by the renowned French company Moinard Bētaille, known for their innovative and luxurious designs. The design draws inspiration from tropical greenery and water, aiming to create a serene atmosphere that offers a tranquil retreat from the bustling city.
The hotel will feature 36 “sky villas” and 57 suites, each promising ultimate comfort and relaxation. The sky villas will each feature an outdoor lounge, infinity pool, karaoke room, personal cocktail bar, and pantry. The suites, on the other hand, will provide opulence with private pools and balconies offering breathtaking city views.
Francis Lui, Vice Chairman of Galaxy Entertainment Group, expressed his excitement about the collaboration with Capella Hotel and Resorts. He aims to deliver unparalleled luxury in 21st-century hospitality, setting a new standard for luxury accommodations.
The hotel will also feature a high-end restaurant by renowned Michelin-starred chef Vicky Cheng. Cheng is known for his innovative French-meets-Chinese cuisine, and his debut at the Capella Hotel is highly anticipated.
In addition to the restaurant, guests can enjoy a whiskey bar by Moinard Bētaille and an exclusive members-only lounge named Pony & Plume, designed by Hong Kong’s Albert Kwan. These amenities further enhance the luxurious experience offered by the Capella Hotel.
The launch of the Capella Hotel marks a significant milestone for Galaxy Macau. It not only expands their portfolio of luxury accommodations but also redefines the standards of luxury and comfort in the hospitality industry. With its serene atmosphere, luxurious amenities, and world-class dining, the Capella Hotel is set to become a premier destination for discerning travellers.
Adam Cole, the co-founder of the now-defunct Football Index, is back in the spotlight with a new venture, KiX, a footballer trading platform bearing striking resemblances to its predecessor. The collapse of Football Index in 2021 led to users losing an estimated £90 million in virtual footballer shares, averaging losses of about £3,000 per customer, with many losing significantly more.
From Football Index to KiXCole, (pictured above), who served as the former CEO of Football Index, co-founded the company with Mike Bohan. Despite his silence on social media since a May 2021 statement expressing his devastation over the company’s downfall, Cole has resurfaced as an investor and advisor to KiX. This has been met with disappointment from the victims of Football Index, with campaigner David Hammel describing it as a “real kick in the teeth.”
KiX, like Football Index, allows users to trade in footballers, earning rewards based on their performance. However, KiX operates on a different model and structure, trading footballers in the form of non-fungible tokens (NFTs) and using cryptocurrency. While some see this as an exciting and innovative use of technology, others view it as a risky vehicle for financial speculation.
The KiX platform acknowledges the similarities with Football Index but insists it is a completely new platform. Despite Cole’s involvement, a KiX spokesman confirmed that he does not have executive input at the operational or board level. The spokesman also clarified that Cole is not an employee or a shareholder and draws no salary from KiX.
The story of Football Index and KiX serves as a cautionary tale in the world of virtual trading platforms. As the saga continues to unfold, the victims of Football Index are left to grapple with the consequences of their lost investments, while the world watches to see if KiX will follow in its predecessor’s footsteps or chart a new path in the world of football trading.
A series of missteps and oversightsThe downfall of Football Index, a once-promising virtual trading platform, was a complex event triggered by a series of missteps and oversights. BetIndex, the company behind Football Index, misrepresented the nature of their product in their license application to the Gambling Commission, and failed to report necessary changes to their product. This lack of transparency was compounded by the Gambling Commission’s own lack of regulatory oversight, which failed to scrutinize BetIndex’s product and language thoroughly.
Financial mismanagement played a significant role in the platform’s collapse. Just days before its downfall, Football Index was found to be “minting” and selling new “shares”, a move that raised serious questions about the company’s financial practices. The Financial Conduct Authority (FCA), too, came under fire for its handling of the case. Criticized for its slow response to requests from the Gambling Commission and inconsistency in messaging on regulatory responsibilities, the FCA’s failure further contributed to the platform’s demise.
At its core, Football Index was a high-risk trading platform, allowing users to trade in derivatives that led to significant financial losses. The platform’s collapse in 2021 resulted in users losing an estimated £90 million in virtual footballer shares. The aftermath of this catastrophic event continues to reverberate, with many former users still feeling the trauma of their lost investments and the impact it has left on their lives.