SkyCity welcomes new leadership with CEO Walbridge and CFO Fredricson

Jade Denosta July 24, 2024

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SkyCity welcomes new leadership with CEO Walbridge and CFO Fredricson

SkyCity Entertainment Group has confirmed a leadership shakeup with the official appointments of Jason Walbridge as CEO and Peter Fredricson as the company’s new CFO.

Walbridge, (photo above on left) announced as the replacement for former CEO Michael Ahearne in April, brings extensive industry experience to the table, including 18 years with slot machine giant Aristocrat Leisure. He assumed the CEO role on 15 July.

The leadership changes also include Julian Cook, who was previously the Board Chair at SkyCity, transitioning into a non-executive director role. Callum Mallet, who has been serving as interim CEO, will return to his position as Chief Operating Officer for SkyCity New Zealand. Brad Burnett, the interim COO, will now assume the role of General Manager of Gaming Auckland.

Peter Fredricson (photo above on right) is also set to join SkyCity on 5 August as the new CFO, subject to regulatory approval. He brings over 25 years of experience in finance and investment banking across Asia and Australasia. Fredricson will work alongside current CFO Julie Amey until her resignation in September to ensure a smooth handover.

Welcoming Fredricson, Jason Walbridge said that his initial focus will be on stabilising SkyCity’s operations, including the recent suspension of dividend payments for the remainder of 2024 and 2025 due to economic and regulatory challenges.

This leadership change comes as SkyCity’s Australian casino, SkyCity Adelaide, seeks to recover after a recent settlement with anti-money laundering regulators.

SkyCity Auckland shuts down over gambling issues

Following the shuffling of executives, SkyCity Entertainment Group has agreed to close the gambling area of its SkyCity Auckland casino for five consecutive days as part of a settlement with New Zealand authorities. This decision comes after the company admitted failures to identify a customer’s continuous gambling activity.

The closure, which is expected to cost SkyCity around $3 million (approximately €2.7 million), will take place on weekdays with specific dates to be determined. The company anticipates a financial hit and is revising its annual earnings forecast.

This agreement avoids a potential 10-day suspension of the casino’s licence. The suspension was prompted by a complaint from a former customer who gambled at the casino between 2017 and 2021. The Department of Internal Affairs claimed that SkyCity’s technology for monitoring continuous play was not functioning properly, and the staff failed to address the issue.

SkyCity has acknowledged its shortcomings in technology and staff vigilance but claims that the customer’s gambling behaviour wasn’t readily apparent. The company is working on improving its risk management systems, including measures to combat financial crime and problem gambling. Additionally, all New Zealand casinos will implement mandatory card-based play by mid-2025.