Investors are ditching SkyCity’s stock as its gambling business becomes unpalatable for many. Its chairman addresses the major issues putting pressure on its price. Video / NZ Herald
SkyCity’s next boss may have some belated big events to look forward to - and a wild world of online gambling to navigate, his chairman says.
Jason Walbridge, a Kiwi currently in Las Vegas, was picked as the casino and entertainment company’s next chief executive, six months after Michael Ahearne’sresignation.
Walbridge knew the online gaming space well, which was important to the company, SkyCity chairman Julian Cook told the Herald.
“The online gaming market in New Zealand is actually a lot bigger than anyone in New Zealand realises,” Cook said.
“To date, it hasn’t been regulated. It’s one of the last grey markets in the OECD. In New Zealand at the moment it’s been described as a free-for-all, with essentially no regulation.”
Some bizarre ads you might have seen on social media feeds could be examples of the freewheeling online gaming or gambling space.
SkyCity chairman Julian Cook (pictured) said Jason Walbridge's proven ability to navigate regulation in the closely-scrutinised gaming sector was important. Photo / Cameron Pitney
Cook said it was in the interests of consumers and taxpayers for the market to be regulated.
“It will be good for Sky,” he admitted, referring to his own company. “But the bigger picture is it’s good for the country.”
He said online gaming with appropriate rules would have anti-money laundering safeguards, problem gambling tracking, and ensure taxes were paid in New Zealand.
Jason Walbridge, currently in Las Vegas, is expected to move back to New Zealand and start at SkyCity in early July.
Cook said a functional online sphere would also have strong advertising protections.
Gambling ads running rampant would not be in the public’s best interest, he said.
Casino scrutiny
SkyCity in February announced it set aside A$73 million ($79.4m) for penalties after Australian regulator Austrac investigated alleged breaches of anti-money laundering rules at the company’s Adelaide casino.
Cook said the company was working hard to ensure no repeat of that drama, which surfaced in 2022 after lurid claims of dirty money flowing through the Adelaide operation.
“We have in the last two years made some very solid progress,” Cook added.
He said Walbridge’s experience at Australian-based gambling machine manufacturer Aristocrat Leisure was crucial. There, Walbridge advised Aristocrat on its proposed acquisition of Israel-based lottery software company NeoGames SA.
“He understands risk and compliance very well,” Cook said.
That kind of downturn impacted SkyCity’s eateries and restaurants.
“We are definitely seeing the effects of the recession. We started seeing it probably in October last year,” Cook said.
The SkyCity Auckland precinct includes restaurants such as Cassia. Photo / Sylvie Whinray
He said patronage was holding up at SkyCity sites but generally, people were spending less per visit.
But the NZICC was expected to open next year and the Horizon hotel next to TVNZ on Hobson St was due to open this year.
Cook said some big conferences were already getting booked for the NZICC.
SkyCity said nine Australian and five New Zealand bookings were already confirmed, plus 10 more international bookings, with a total of around 130,000 delegate days.
“The opening of the NZICC will be a huge change to the centre of Auckland,” Cook said.
He said parts of the neighbourhood were looking “forlorn” now but with the Horizon, convention centre and Te Waihorotiu (Aotea) city rail link station due to open in the next two years, that should change.
NZICC conferences booked
The World Indigenous Peoples’ Conference on Education (WIPCE). SkyCity described this as the largest, most diverse indigenous education forum in the world, with 3000 representatives expected. November 2025.
The International Confederation of Principals, expected to attract up to 3000 school principals. It has support from the New Zealand Principals’ Federation, Tātaki Auckland Unlimited’s Auckland Convention Bureau, and Tourism New Zealand’s Conference Assistance Programme. SkyCity said it expected a $4.6m boost to Auckland’s economy. September 2026.
The World Dairy Summit, anticipated to attract more than 1000 guests including industry leaders and scientific experts. SkyCity said it was expected to deliver more than $2m to the region’s economy. 2026.
John Weekes, online business editor, has covered court, crime, politics, breaking news and consumer affairs. He reports on topics including scams, strikes, retail and macroeconomics.
