SkyCity CEO Morrison steps down, saying he needs a break from 'demanding' job

Thursday 7th April 2016

SkyCity Entertainment Group chief executive Nigel Morrison has resigned from New Zealand's only listed casino company, saying he is keen to take a break from the "demanding job" following an eight-year tenure.

Morrison's departure is effective April 29, and the Auckland-based company has appointed its New Zealand chief operating officer John Mortensen as interim chief executive pending a global search, it said in a statement. Chairman Chris Moller said the board has been in formal talks with Morrison since September last year and are agreed that the timing is right to transition to a new head.

During Morrison's tenure, SkyCity secured $458 million of gaming concessions from the government as part of a controversial deal to build a convention centre in Auckland, exited its Christchurch operations, and bought a second casino in Queenstown, a popular destination for high-roller gamblers who have been spending record amounts with the company. In more recent times he's helped turn around the company's underperforming Adelaide operations which are earmarked for expansion and is trying to get more direct flights from Asia to lure VIP gamblers to its Darwin casino which is being impacted by the wind down of construction activity at the INPEX liquid petroleum plant.

“Nigel has done an excellent job,” Moller said. “During his tenure he has secured the extension of the company’s exclusive casino licences in Auckland and Adelaide and negotiated and managed the New Zealand International Convention Centre transaction and construction contract. Nigel has also presided over unprecedented growth of SkyCity’s international business."

Morrison said he is leaving the company in "great shape" with record revenue and profits.

“It’s an incredibly demanding job and after eight years, I’m keen to take a break," Morrison said. "The leadership team we have in place is very strong and I’m confident the company will continue to go from strength to strength."

Moller said the company was in good hands with Mortensen as interim chief executive.

“He has a long pedigree in the entertainment industry including in-depth experience in gaming operations and casino management, and has earned the respect of the board in his position as COO NZ.”

Shares in SkyCity rose 1 percent to $5 and have gained 12 percent this year. The stock is rated a 'buy' according to the average recommendation of analysts compiled by Reuters.

(BusinessDesk)

BusinessDesk.co.nz

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