Casino operator SkyCity’s CEO Michael Ahearne to step down

The news: Troubled casino operator SkyCity Entertainment’s chief executive Michael Ahearne will step down from his role early next year.

The numbers: Ahearne will leave the company at the end of March 2024 before returning to Europe with his family. He joined SkyCity in December 2017 as chief operating officer and has been CEO since November 2020.

The context: SkyCity said it has commenced the recruitment process for a new CEO. Ahearne’s term comes to an end amid a period of turmoil for the dual-listed SkyCity, which operates casinos in New Zealand as well as one in Adelaide.The company last month told investors it could temporarily lose its licence to operate in New Zealand over alleged breaches of local gambling harm minimisation rules. It is already facing a South Australian inquiry into whether it is fit to hold a gambling licence in Adelaide, which has prompted a writedown, and has also set aside $45 million for a potential penalty from financial crimes regulator AUSTRAC.