SkyCity chief executive Michael Ahearne resigns
Michael Ahearne, chief executive of SkyCity Entertainment, will depart the company in March as the Adelaide casino owner braces for a potential multimillion-dollar fine and the loss of its New Zealand licence.
Mr Ahearne, who was appointed chief executive in November 2020, told the board of the ASX-listed company he would step down and return to Europe with his family early next year. Julian Cook, chairman of SkyCity, said Mr Ahearne had led the business through a “complex and demanding period”.
The CEO of SkyCity, the owner of Adelaide’s casino, has resigned. Phil Carrick
“Michael has worked hard to set a strong platform for the business going forward and has been tireless in seeking to do the right thing for SkyCity,” Mr Cook said. A recruitment process for Mr Ahearne’s replacement is already underway.
The resignation of Mr Ahearne could not come at a more challenging time for the casino, which is grappling with intense regulatory scrutiny and court action.
More than $260 million was wiped off the value of SkyCity Entertainment in September, after it told investors it could temporarily lose its licence to operate in New Zealand over alleged breaches of gambling harm minimisation rules.
The company is already facing a South Australian probe into whether it is fit to hold a licence in Adelaide, but the business now faces the prospect of temporarily losing the licence that allows it to operate its New Zealand casinos in Auckland, Hamilton and Queenstown.
The potential licence suspension only adds to existing headwinds facing SkyCity, which has also set aside $45 million for a potential AUSTRAC penalty and is fighting Macquarie in court over the value of a fire-damaged carpark at the New Zealand International Convention
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