SkyCity Entertainment Group announced that it has appointed experienced gambling executive Jason Walbridge to the position of chief executive.
Walbridge will begin in his new position at SkyCity this July. The New Zealand regulatory authorities must approve his appointment as CEO.
He has been in the gambling business for over 20 years, and most recently served as a strategist at Bridge Gaming. Walbridge is also the executive chairman for the National Entertainment Network, a US-based company.
He spent a year in the same role at Scientific Games’ SG Digital, which is now Light & Wonder. Before Light & Wonder acquired NYX Gaming Group in 2018, he was COO of NYX Gaming Group.
Walbridge’s most notable work was at Aristocrat Leisure where he spent more than 18-years. He held a number of senior roles during this period, such as Chief Supply Officer and Managing Director for Europe, Middle East, and Africa.
Walbridge, by joining SkyCity replaces Michael Ahearne who left the company last month. SkyCity announced Ahearne’s departure in October last year.
Callum Mallet will be the interim CEO of SkyCity New Zealand until Walbridge, who is expected to join in July, takes over.
Walbridge: “Privilege to be SkyCity’s leader”
Walbridge stated that it would be an honor to lead SkyCity. I am thrilled to join SkyCity at this moment as it looks forward to the numerous opportunities that lie ahead.
SkyCity chairman Julian Cook also commented on the announcement, saying he was “delighted” to have Walbridge join the team.
Cook stated, “We look forward to Jason’s valuable contribution to our business.” Jason has extensive experience both in land-based gaming and the online gaming industry, allowing him to be well-positioned to lead SkyCity into its next phase.
SkyCity continues senior reshuffle
SkyCity’s senior management team has undergone a number of changes in recent years.
Last month the group confirmed Julie Amey’s resignation from her role as Chief Financial Officer. Amey, who will officially step down from her position as SkyCity’s CFO on September 25, is continuing to serve SkyCity in the role of Chief Financial Officer for another six months.
Amey has been with SkyCity since May 2021. This is his first position in the gaming industry. SkyCity has not revealed why Amey resigned from her role.
SkyCity also named Andrew McPherson chief information officer full time last month. Since November, he had served in this role as an interim.
New Zealand Civil Penalties
Walbridge has joined SkyCity following the recent confirmation that New Zealand will be imposing civil penalties on SkyCity. Department of Internal Affairs in New Zealand has filed a lawsuit against SkyCity Casino Management and the operator.
The action is a result of SCML’s alleged failure to comply with New Zealand’s Anti-Money Laundering and Counter-Financing of Terrorism Act 2009. If the claim is accepted, either in whole or partly – SCML could face a penalty of up to NZ$8.0m (PS3.8m/EUR4.5m/US$4.7m).
The draft pleadings outline five “significant” issues of compliance with the Act. SkyCity claims that these are primarily historical issues, including some which had been reported to the Department of Justice previously.
SCML is licensed to operate SkyCity casinos on land in Auckland, Hamilton, and Queensland.
Australia Uncertainty
SkyCity, located in Australia across the Tasman sea has faced similar issues over the past few years.
The Australian Transaction Reports and Analysis Centre will launch federal proceedings at the end 2022 against SkyCity. The Australian Transaction Reports and Analysis Centre launched federal proceedings against SkyCity at the end of 2022.
SkyCity began a review of its anti-money-laundering and counter-terrorism financing programmes in May last year. The company also set aside AU$45m to cover a civil penalty that Austrac had imposed.
SkyCity warned that its adjusted EBITDA in 2024 could be lower than it had previously anticipated, even though they said earlier that the year would see an increase.
