SkyCity Entertainment Group CEO Michael Ahearne Steps Down

Michael Ahearne, who has been an integral part of SkyCity Entertainment Group's leadership, will be stepping down as the CEO in March 2024. Ahearne joined the company in December 2017, bringing his extensive experience to the role. Prior to his time at SkyCity, he worked with prominent organizations, including Paddy Power Betfair and Aristocrat.

During his tenure, Ahearne played a pivotal role in guiding the company through various challenges, such as the New Zealand International Convention Centre fire, the impact of the COVID-19 pandemic, and addressing regulatory issues related to the SkyCity Adelaide business. He also spearheaded significant investments and enhancements in the company's compliance functions, leaving behind a robust foundation for the future.

The departure of Michael Ahearne comes at the end of a challenging year for SkyCity, marked by legal and regulatory issues. These included federal proceedings against the company by Australia’s Transaction Reports and Analysis Centre (Austrac) regarding anti-money laundering (AML) lapses at SkyCity Adelaide. Subsequently, SkyCity initiated a review of its anti-money laundering and counter-terrorist financing programs.

In August, the company made a provision of AU$45 million in anticipation of a civil penalty from Austrac. More recently, the department of internal affairs in New Zealand sought to suspend SkyCity’s casino license for approximately ten days, focusing on subsidiary SkyCity Casino Management Limited, which holds the operator license for multiple SkyCity locations in New Zealand.

SkyCity has already commenced the process of finding a suitable replacement for Michael Ahearne, and they intend to provide updates to the market once the appointment is finalized.