SkyCity Entertainment Group will soon be bidding adieu to its Chief Financial Officer, Julie Amey, who has announced she will officially vacate her role on September 25th. Serving the company for nearly three years, Amey has significantly contributed to the financial stewardship of SkyCity during her tenure, which began in May 2021.
Julie Amey’s career path saw her cross into the gambling industry for the first time with her position at SkyCity. Before this, her expertise was honed in the oil and gas sector, with her serving most notably within the illustrious Shell group. Her tenure at Shell was marked by prestigious roles, including Vice President of Finance for Shell Development Australia. Her association with Shell further extended to similar senior responsibilities at Qatar Shell, and her leadership skills were evident during her time as CFO of Shell & Turcas Petrol. The breadth of her experience also covered the role of Business Finance Manager for Shell in the Middle East and North Africa.
SkyCity, however, refrained from specifying the reasons behind Amey’s decision to step down from her role. Nonetheless, respect and gratitude were expressed by both Julian Cook, SkyCity’s chair, who wished Amey the very best for her future pursuits, and interim CEO Callum Mallet. Mallet noted Amey’s relentless commitment and valuable contributions, remarking that “Julie has been responsible for the financial management of SkyCity and overseen the business’ capital markets and internal assurance functions through a very complex and demanding period,” acknowledging her dedication and her integral place within the senior leadership team.
The departure of Julie Amey is part of a broader series of changes within the senior management team at SkyCity. These changes include the recent step-down of Michael Ahearne from his chief executive role, and Mallet subsequently stepping into the breach as the company searches for a permanent replacement. Mallet, previously the Chief Operating Officer for New Zealand operations at SkyCity, had his role taken over by Brad Burnett on an interim basis, with Burnett moving up from being the general manager for table games at SkyCity’s Auckland site.
Further cementing the period of transition, Andrew McPherson was recently appointed as Chief Information Officer, having previously filled the role on an interim basis since November.
This realignment at the top echelons of SkyCity management comes at a time when the company faces significant regulatory turbulence. Internal affairs in New Zealand last month declared intentions to initiate civil penalty proceedings against the operator and its subsidiary, SkyCity Casino Management (SCML), in the high court. The proceedings relate to accusations of SCML’s alleged non-compliance with the country’s Anti-Money Laundering and Countering Financing of Terrorism Act 2009. SCML could face a penalty reaching up to NZ$8.0 million should the claims be validated. Identified as significant compliance issues, SkyCity confirmed that most of these issues are historical and had been self-reported to the department in the past.
These challenges do not confine themselves to New Zealand territory but cross over to regulatory concerns in Australia. The end of 2022 saw the Australian Transaction Reports and Analysis Centre initiate federal proceedings against SkyCity regarding anti-money laundering shortcomings at its Adelaide location.
In response to these challenges, SkyCity launched a comprehensive review into its financing and anti-money laundering programs in May 2023 and set aside AU$45 million in anticipation of possible civil penalties issued by Austrac.
These events culminate in a climate of uncertainty for SkyCity, which also expressed warnings that adjusted EBITDA might decline in its financial forecast for the year 2024, contrary to previous expectations of growth.
The months ahead will be pivotal for the operator as it seeks to navigate the fiscal and regulatory waves, all the while restructuring its leadership landscape and preparing for the post-Amey era in its financial oversight.
