Friday, September 30, 2022

Northern Territory imposes 10 percent levy on SkyCity gaming machine profits


Australia’s Northern Territory Government will impose a new Community Benefit Levy of 10 percent on SkyCity’s gross profits from electronic gaming machines at its Darwin and Lasseters Alice Springs casinos.

The CBL, which will be effective from 1 July 2015, falls under a review by the Northern Territory Government of the gaming tax rates that will apply for the next ten years until 30 June 2025, SkyCity announced.

“The Treasurer has confirmed that the introduction of the CBL will be taken into account as part of that review, as is required by the terms of the Casino Operator's Agreement.”

The gaming tax review will commence on 1 July and is required to be completed by 31 August 2015.

SkyCity says it estimates the new CBL could cost up to $6 million per annum.

 

“All other things being equal, this could reduce SKYCITY’s consolidated net profit after tax by approximately $4 million per annum,” the company said.

 

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