CLAIMS TO FAME
- Former executive at The Star Sydney and slot giant Aristocrat
- Has driven the company’s digital gaming arm
They say timing is everything, and in that vein it seems SkyCity Entertainment Group CEO Michael Ahearne may have walked under a few ladders in his time.
Thrust into the top job in November 2020 in the midst of the COVID-19 pandemic, he spent his first few years navigating that treacherous path only to find himself in the midst of a regulatory firestorm.
On the back of Australia’s casino industry reckoning, which has brought the likes of Crown Resorts and Star Entertainment Group to their knees, regulators have now turned their attention to SkyCity’s Australian operation – SkyCity Adelaide – with a review ongoing into its suitability amid allegations it contravened anti-money laundering laws. The company revealed in August that it would recognize an AU$45 million (US$29.2 million) provision in its financial statements for the year ended 30 June 2023 in relation to an impending civil penalty from AUSTRAC.
More recently SkyCity announced it could face a 10-day suspension of its New Zealand casino license with the country’s Gambling Commission considering an application from the Secretary of the Department of Internal Affairs regarding a customer complaint that it did not comply with requirements in its SkyCity Auckland Host Responsibility Programme relating to detection of incidences of continuous play by the customer.
Time will tell if there is any case to answer.
At least Ahearne can take solace in improved operating conditions, with the company booking a 45% increase in in group-wide revenue to NZ$926.2 million (US$551 million) in the 12 months to 30 June 2023, its first post-COVID year free of restrictions.
For the full list of 2023 Asian Gaming Power 50 winners, click here.
