LATEST: Casino operator SkyCity Entertainment Group has appointed Nigel Morrison, an experienced gambling sector executive, as its new chief executive effective from March 17, 2008.
Mr Morrison is currently chief financial officer of the Hong Kong and Macau casino group Galaxy Entertainment, which has annual gaming revenue of $1.25 billion.
From 2000 to 2006 he served as chief executive of Australia's Federal Group which operates two casinos in Tasmania and from 1993 to 2000 Mr Morrison was chief operating officer of Publishing and Broadcasting's Crown Casino in Melbourne.
He has also worked as national gaming partner of corporate finance for Ernst & Young Australia.
"My core objective is to restore full confidence and pride for all SkyCity stakeholders," Mr Morrison said. "Gaming is at the very core of SkyCity and we will be focusing on building our existing gaming businesses, with a key priority on revenue growth in all markets."
Mr Morrison replaces Evan Davies, SkyCity's founding managing director, who departed abruptly in June with a $2 million payout after 11 years at the helm amid shareholder frustration at SkyCity's deteriorating financial performance.
In August SkyCity posted an 18 per cent fall in annual net profit to $98 million. SkyCity director Elmar Toime has been holding the fort as executive director since and will continue to do so until March.
Mr Morrison's employment agreement is for an indefinite duration. He will receive base pay of $1.3 million a year. He is also eligible for an annual performance incentive of up to $1.2 million and long-term incentives worth a further $1.2 million via share rights with a zero exercise price.
SkyCity chairman Rod McGeoch said Mr Morrison had the international and regional gaming industry experience to take the company forward.
- Fairfax Media
What do you think of the new banknotes?Related story: Better, brighter Kiwi banknotes