SkyCity chief executive Jason Walbridge, pictured on Hobson St outside the headquarters of the business. Photo / Jason Oxenham
SkyCity chief executive Jason Walbridge, pictured on Hobson St outside the headquarters of the business. Photo / Jason Oxenham
SkyCity Entertainment Group chief executive Jason Walbridge got a pay package worth $2.6 million in the latest year but chairman Julian Cook said only $1.6m of that was in cash.
The figures were released yesterday in the company’s annual report.
That showed Walbridge’s remuneration from July 15, 2024, to June30, 2025 as:
Salary and benefits: $1.44m;
Relocation costs: $177,900;
Long-term incentive grant: $582,500;
Annualised expense of commencement restricted share rights grant: $394,000;
Total remuneration: $2,606,538.
Cook of SkyCity said only part of the payment was cash and referred to shares being issued under incentive grants.
“In FY25, 40% of Jason’s remuneration was non-cash and will not be realised unless company performance and the share price improves significantly,” he said.
In the last three years, SkyCity had been rectifying significant historical compliance shortcomings.
Jason Walbridge started as SkyCity CEO in July, 2024. Photo / Jason Oxenham
Walbridge worked for 23 years in Las Vegas and started at SkyCity last July, so this report shows a full year of pay.
He didn’t earn as much as he could via a short-term incentive, improving the company’s finances.
“Mr Walbridge did not receive any short-term incentive payment for FY25,” the report said.
But he did achieve non-financial goals such as the board-approved business overhaul.
Marama Royal cloaked Walbridge in a kōrowai at the pōwhiri on July 12 last year. Photo / SkyCity Entertainment Group
“The SkyCity strategic refresh has been completed, successfully communicated with key internal and external stakeholders and delivery is progressing as planned,” the report said.
One big obstacle got a tick: keeping the potential unveiling of the $1 billion-plus New Zealand International Convention Centre (NZICC) to the set date, without any obvious setbacks so far.
The report said the “NZICC is on track to open in February 2026 with continued third-party delays frustrating progress but being managed well by the team”.
Next year, Walbridge stands to earn $3.4m, made up of $1.5m in fixed remuneration, short-term incentives and long-term incentives, the report said.
New Zealand’s highest-paid CEO is Ebos CEO John Cullity, earning A$6.65m ($7.27m) in the June 30, 2024 year.
SkyCity’s shareholder return has been negative 57% over three years and negative 53% over five years, the pay survey noted.
The company has been dealing with multiple regulatory failures and making net losses for a number of years.
SkyCity chair Julian Cook. Photo / Cameron Pitney
The latest report out yesterday showed Cook was paid $355,000 for his work with the company in the June 30, 2025 year.
Directors Chad Barton and Kate Hughes got $178,500. Glen Davis earned $273,000, David Attenborough $158,000 and Donna Cooper $210,000.
The total directors’ fee pool is $1.54m each financial year. It was last increased in 2023.
The company’s annual profit dropped 42% to $71.5m in the June 30, 2025 year.
Full-year results showed revenue fell 5% to $825.2m.
Reported group net profit of $29.2m included a $27.3m impact from the South Australian casino duty settlement and compared with a loss of $143.3m in the prior period.
Walbridge said on August 21 that reflected the 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.
The business announced a $240m equity raising.
The company is suing Fletcher Building for $330m, seeking damages for losses due to delays finishing the NZICC, due to open next February.
Anne Gibson has been the Herald‘s property editor for 25 years, written books and covered property extensively here and overseas.
