Former SkyCity Entertainment Group chief executive Nigel Morrison has raised $461,450 by selling a small part of his stake in the casino group.

Morrison stepped down on April 29. At the time, chairman Chris Moller said both the board and Morrison agreed it was the right time to appoint a new chief executive after eight years in charge.

The former SkyCity chief sold 100,000 shares on May 24, according to a statement to the stock market operator, NZX. The shares sold are a small part of the stake Morrison holds in New Zealand's only listed casino group. He still holds 1,823,502 shares, worth $8,862,219 at the current price of $4.86.

A short while ago shares had risen 1 per cent, or half a cent, to $4.86. They've risen 9.8 per cent since the start of the year.

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