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Home / Business / Economy / Employment

Journey to end of the rainbow and into the sky

By Adam Bennett
25 Jun, 2007 05:00 PM2 mins to read

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KEY POINTS:

Raised in Auckland, Evan Davies attended Auckland Grammar and, after completing a town planning degree at Auckland University, worked for his father Rodney as a town planning consultant.

In the early 1980s, he completed a masters degree in science and tourism management at Surrey University and a masters
of philosophy in urban and regional planning at Birmingham University. Returning to Auckland, he was involved in the construction of Rainbow's End and became an executive director of Rainbow Corporation subsidiary Rainbow Properties in 1986 after completion of the theme park.

When Brierley Investments took over Rainbow in 1988, Rainbow Properties was carved off, becoming Primacq. Primacq folded in 1991 under the weight of the post-crash gloom which hit the property sector, and Davies joined Brierley Properties as general manager.

When Brierley quit property management, Davies was part of an executive team buyout of the business, which became Terra Firma Group.

Terra Firma won the SkyCity construction management contract, a project headed by Davies. In 1996, when construction was almost finished, he was appointed the casino's managing director.


Davies' reign

1996 - SkyCity Auckland, New Zealand's second casino after Christchurch, opens.

2000 - The company buys the run-down Adelaide casino from the South Australian Government for A$185 million ($198 million). Spends $25 million to buy a 33.2 per cent stake in Canberra-based internet bookmaker Canbet.

2000 - SkyCity Queenstown opens.

2001 - SkyCity buys a half share in debt-ridden cinema operator Force Corporation for $19.4 million, renames the business SkyCity Leisure.

2002 - Opens $53 million SkyCity Hamilton.

2004 - Buys Darwin Casino for A$195 million and 40 per cent of Christchurch Casino for $93.75 million. Moves to full control of SkyCity Leisure for $14.3 million.

(May) - SkyCity reveals a plan to cut $33 million in costs, axe 230 jobs and sell underperforming assets. Davies admits he is disappointed in his performance as chief executive.

(June) - SkyCity sells its Metro cinema complex for $55 million.

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