Sky City chief earns $1.44m

Sky City Entertainment managing director Evan Davies made $1.44 million last year after an almost $300,000 increase in salary and bonuses.

Davies' June-year base salary was $900,000. He got a performance-based incentive payment of nearly $539,000.

He also exercised options allowing him to buy 1.14 million shares for $1.96 million last year, and he sold them on the same day for $5.26 million.

In late August, the country's largest casino operator beat its own expectations with a modest 4 per cent rise in annual net profit of $104 million. The company had previously expected the smoking ban in bars, restaurants and casinos to take a bigger bite out of profit.

However, it is expected to restrain earnings growth in Sky City's New Zealand operations during the full 2006 year, with minimal impact in 2007.