History
Since opening its original Auckland casino on 2 February 1996, SkyCity has expanded its operations to several New Zealand and Australian cities.
In June 2000, it bought the Adelaide Casino.[6] It added another casino to its portfolio when it opened SkyCity Queenstown in the alpine resort of Queenstown.
In 2001, SkyCity bought a half share in cinema operator Force Corporation for $19.4 million and rebranded it as SkyCity Leisure.[7]
In June 2004, the group acquired a 41% stake in the Christchurch Casino when it bought Aspinal Limited. Although the deal was opposed by Skyline Enterprises, the other owner of 41% stake, it was approved by the Casino Control Authority and the Commerce Commission.[8][9] However, in 2012 SkyCity sold its shares to Skyline for $80 million and bought Skyline's 40% stake in Queenstown Casino for $5 million.[10]
In July 2004, SkyCity bought the Darwin Casino and Hotel from MGM Mirage and rebranded it as SkyCity Darwin.
In February 2010, the group sold its cinema operating business to Australian firm Amalgamated Holdings Limited (now Event Hospitality and Entertainment).[11]
In October 2017, the group acquired NPT Limited's interest in AA Centre in Auckland for NZ$47 million.[12]
In November 2018, SkyCity sold the Darwin Casino to American company Delaware North for $188 million.[13]
In June 2019, SkyCity obtained governmental permission to buy a 1.01-hectare parcel of land in Queenstown to develop a new hotel.[14][15]
In August 2019, SkyCity launched its online gambling website, SkyCity Online Casino. The website is operated by Malta-based Gaming Innovation Group (GiG) on behalf of SkyCity's Maltese subsidiary.[16]
SkyCity casinos often depend to a large degree on several hundred high-stakes gamblers, often from East Asia, who may gamble hundreds of thousands of dollars in one visit to a casino.[17] Reported net profit after tax (NPAT) was $128.7 million, with the Group seeing revenue exceed $1 billion for the first time in the company's history.
As a result of the COVID-19 pandemic, SkyCity announced 200 job losses in New Zealand on 3 April 2020,[18] and a further 700 redundancies a month later, on 11 May.[19] In 2020, SkyCity planned to raise new equity of $230 million as part of its pandemic recovery plan.[20]
In early June 2025, SkyCity sued Fletcher Building and Fletcher Construction for NZ$330 million on the grounds that the companies had taken ten years instead of three years to build the New Zealand International Convention Centre at SkyCity Auckland. SkyCity is seeking damages for losses incurred by the company caused by ongoing delays from the completion of the project, including damages resulting from the New Zealand International Convention Centre fire in 2019. In response, Fletcher said that it would defend itself against the charges, arguing that it had flagged risks associated with the Convention Centre.[21]
Management
Evan Davies was the founding Chief Executive, before leaving the group in 2008. During Davies' 11 years, the company grew from a single site to having business operations throughout New Zealand, South Australia and the Northern Territory. In April 2016, longtime CEO Nigel Morrison stepped down as managing director and chief Executive.[22] Graeme Stephens was appointed as SkyCity's chief Executive from May 2017 to December 2020, with chief Operating Officer Michael Ahearne stepping in as the new CEO from January 2021.[23] Ahearne announced his resignation in October 2023 to take effect from March 2024.[24]
In February 2024, a significant shift in the company's leadership was announced. Callum Mallett, the then Chief Operating Officer of the New Zealand division, was set to step into the role of Interim CEO following the departure of Michael Ahearne in March 2024. Concurrently, Julian Cook, who was serving as the Board Chairman, decided to take on a more hands-on role in the company. He assumed the position of Executive Chairman, pledging to maintain this active involvement until a permanent CEO was appointed.[25]
