Sky City chief financial officer Peter Fredricson resigns

SkyCity Entertainment said its chief financial officer Peter Fredricson had tendered his resignation, effective from March 1 next year.

The casino operator said Fredricson would remain in the role until March “at the latest” in order to facilitate an orderly transition.

SkyCity chief executive Jason Walbridge said Fredricson had been responsible for the financial management of the company during “a very complex and challenging period“.

“As part of his resignation, we have agreed a clear set of capital objectives that I look forward to making progress on and closing out before he leaves us,” Walbridge said.

Walbridge said the company would start a comprehensive external search for a new chief financial officer (CFO).

In August, SkyCity reported a 42% fall in its net profit to $71.5 million and confirmed an expected equity raise.

Walbridge said at the time the financial results reflected a difficult operating environment.

“The delayed economic recovery in New Zealand has led to lower discretionary spend impacting our business and that has come through the same time as a period of elevated investment,” he said then.

The company raised $240m from a fully underwritten institutional placement and entitlement offer.

The effective take-up rate by eligible retail shareholders was about 33% and the $30m in new shares not taken up were allocated to the underwriters and sub-underwriters.

Correction: This story has been updated to remove a caption that incorrectly said Fredricson was joining NZME.

Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.