ANNUAL MEETING OF SHAREHOLDERS

20 October 2017

Client Market Services
NZX Limited
Level 1, NZX Centre
11 Cable Street
WELLINGTON

Copy to:

ASX Market Announcements
Australian Stock Exchange
Exchange Centre
Level 6
20 Bridge Street
Sydney NSW 2000
AUSTRALIA


Dear Sir/Madam

RE: SKYCITY ENTERTAINMENT GROUP LIMITED (SKC)
ANNUAL MEETING OF SHAREHOLDERS

Please find attached the following prepared announcements that will be
delivered at the company’s annual meeting of shareholders to be held at 10.00am
(New Zealand time) in Auckland today:

(a) Chairman’s Address; and

(b) Chief Executive’s Address.

Copies of these announcements and the video presentations referred to in the
Chief Executive’s Address (which will be screened at the annual meeting) will be
available from SKYCITY’s website later today.


Yours faithfully

Jo Wong
Company Secretary

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Chairman’s Address – Chris Moller


Introduction

Moving now to my Chairman’s Address for 2017.


2017 Financial Results

In the last financial year, SKYCITY reported a normalised, after-tax profit of
$155 million, an increase of 1.3% on the previous year’s record result, despite
some significant external headwinds.

The former Northern Territory Government’s decision, without any public
consultation and contrary to the direction of travel in most other Australian
states, to significantly increase the number of non-casino gaming machines
heavily impacted our Darwin property and led directly to the Board’s decision to
write off the property’s A$95 million of acquisition goodwill. Although a non-
cash item, this led to a fall in SKYCITY’s reported net profit after tax from
$145.7 million in 2016 to $44.9 million.

This $100 million reduction in earnings is probably the number you saw quoted
in media reports at the time our annual result was announced in early August.
However, taken in isolation it can be considered to be a little misleading, as the
impairment is a book keeping entry only and does not provide an accurate
representation of the cash generating capability of the Group business. Indeed
tangible proof of this is that the Company’s share price hardly moved on the day
the impairment was announced.

Consequently, the Board declared a fully imputed final dividend of $0.10 per
share bringing the total dividend for the full year to $0.20 per share, thereby
maintaining last year’s dividend and providing a dividend yield, as at the close of
business yesterday, of 5.2%, which compares very favourably with both
domestic and international interest rates.

Despite this attractive yield, SKYCITY’s share price has not performed as well as
my fellow Directors and I, and I am sure also you, would have wished.

Some of the factors that contributed to the share price performance were within
the Company’s control and we are working hard to address those issues.
However, other matters were outside of the Company’s control. These included
the non-casino gaming machine increase in the Northern Territory that I have
already referred to, the impact on our International Business following the
arrests of Crown’s employees in China, the traffic congestion around our
Auckland property caused by the construction of the City Rail Link, and
speculation that Star may make an offer leading to the merger of our two
companies.

Transformational Projects

Notwithstanding these challenges, we are striving diligently to capitalise on a
number of opportunities that we have in front of us.

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Indeed, two truly transformational projects are already underway in both
Auckland and in Adelaide.

The New Zealand International Convention Centre (“NZICC”), which will further
enhance the development of the SKYCITY entertainment precinct in Auckland,
has begun to rise from its foundations on Hobson and Nelson Streets in the
central city, and is already an impressive sight. When complete in
approximately two years’ time, the NZICC will be the largest purpose-built
convention centre in the country and a magnet for both New Zealand and
international visitors.

Importantly, the agreement with the Crown to construct the NZICC also secures
the Auckland casino licence to 2048, providing certainty of tenure in respect of
the Company’s key asset.

And despite some recent challenges faced by the builder, SKYCITY remains
confident of its contractual position and comfortable with both the timetable and
budget for completion.

On behalf of the Board, I would like to acknowledge Richard Didsbury’s and
Murray Jordan’s significant contribution to the NZICC and its sister development,
the Hobson Street hotel.

In July this year, we announced the approval of the long-awaited Adelaide
Casino and hotel development following completion of negotiations with the
South Australian Government. The SKYCITY Board believes this is also an
exciting and transformational project for the Company as the Adelaide Casino is
positioned in the middle of the Riverbank Precinct, which is undergoing
significant rejuvenation on many fronts. It is also directly across the Torrens
River from the magnificent upgraded Adelaide Oval, with its pedestrian bridge
landing virtually on our doorstep.

The Directors are confident the precinct will in due course become Adelaide’s
premiere entertainment hub, which will secure our place in the city for the
future.

Whilst there will be further disruption to our business as the surrounding
precinct is developed, the additional concessions negotiated with the South
Australian Government have already come into effect and will assist trading this
financial year and help to ensure that the development will, on completion, be
earnings accretive and deliver value for shareholders.

In addition, given the recent political developments in South Australia, securing
an extension of our exclusive rights regarding the provision of casino gaming in
South Australia out to 2035 looks like an even better decision than it did before.

Adelaide based Deputy Chairman, Bruce Carter, was instrumental over several
years in bringing this project to fruition and I am very grateful to him and our
Board Committee, which, in addition to Bruce, included Richard Didsbury,
Jennifer Owen and Murray Jordan, for finally making it possible for the Directors
to approve the Adelaide project.

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Appointment of Chief Executive

A key highlight for the Board during the year was undoubtedly the
commencement in April of Graeme Stephens’ tenure as the Company’s new
Chief Executive.

A chartered accountant by training, Graeme has 25 years’ experience in the
gaming and hotel industries, most recently as Chief Executive Officer of the
publicly listed South African based gaming and hospitality group, Sun
International.

The appointment of a Chief Executive Officer is undoubtedly the single most
important decision made by any board.

Against that background, Graeme has already impressed the Directors with the
contribution he is making to the Company and the Board is confident that he will
prove to shareholders he is the right person to lead SKYCITY into the future.

On behalf of the Directors, I would like to publicly thank Brent Harman, who led
the recruitment process in such a comprehensive and diligent manner.

I would also like to again thank John Mortensen for his efforts as Interim Chief
Executive Officer during our search for a new Chief Executive Officer.

As you may know, John has announced his retirement as Group Chief Operating
Officer with effect from the end of this December, when he will return to his
native Tasmania to spend more time with his family and his grandchildren. We
wish him all the very best and thank him for his significant contribution as a
senior executive of SKYCITY.

Strategic Refresh

One of the first things the Board has tasked Graeme with is reviewing SKYCITY’s
strategic direction to deliver superior performance in what are extraordinarily
fast-changing times.

The Directors are conscious of a number of global trends in the entertainment
space, including such things as the future impact of Millennial expectations, the
increased digitisation of online gaming and the advent of e-sports and skills-
based gaming machines, all of which are both potential opportunities or threats
to the business.

These matters have been championed by Sue Suckling, who as Chair of
Callaghan Innovation, the Crown’s organisation that is mandated to help
businesses in New Zealand succeed through technology, is uniquely positioned
to contribute to the Board’s deliberations in respect of these very important
issues.

Corporate Social Responsibility

As we strive to do better, we fully recognise that we must continue to earn our
social licence to operate from the communities in which we do business.

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Being socially responsible is at the heart of everything we do at SKYCITY.

A core component of social responsibility is the acknowledgement that not
everyone is able to game or consume alcohol safely. We are therefore
committed to striking the right balance between excitement, reward and
responsibility.

The Directors are proud that SKYCITY is a leader in social responsibility, and the
Board is particularly pleased that our New Zealand casinos were this year
recognised by the sector’s regulator, the Department of Internal Affairs, as the
best in the gaming industry. In its public report, the Department praised
SKYCITY for cultivating “a culture of care within their casinos” and maintaining a
very high standard of host responsibility in its gaming activities. This is the
highest praise we have ever received from any regulator, and enables us to
claim, with complete justification, that SKYCITY is the safest place in which to
game in New Zealand.

Importantly, we operate very similar programmes at our Adelaide and Darwin
casinos, so we can be confident that our host responsibility standards are not
just a New Zealand phenomenon.

SKYCITY’s Corporate Social Responsibility programme also includes
environmental initiatives, such as the minimisation of food waste, the use of
fresh local produce, management of energy consumption and the recycling of
paper, plastic and glass.

The Company is similarly committed to diversity in terms of gender, ethnicity,
sexual orientation, pay equality and unconscious bias training. We are also
active in the diversity space, including participation in the Rainbow Tick,
Champions for Change and Maori and Pacifika leadership programmes.

Governance

The third, and arguably most important, pillar of Corporate Social Responsibility
is governance.

The SKYCITY Board works hard at planned renewal and, after an external
search, the Board is pleased to have secured the services of an experienced
Auckland based chairman, Rob Campbell, who, subject to his election today, will
succeed me as Chairman effective 1 January 2018.

Rob is the current Chairman of two well-regarded listed companies, namely
Summerset Group Holdings Limited and Tourism Holdings Limited. An
economist by training, Rob’s career includes academic, trade unionist and
consulting roles. Rob brings considerable diversity to the SKYCITY Board in
terms of his background and thinking.

Two other Directors have been appointed to the Board over the past year. They
are Jennifer Owen and Murray Jordan, who are also standing for election later
this morning.

Sue Suckling and Brent Harman are standing for re-election and make an
enormous contribution to the Company in general, but also in particular as the

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Chairs of the Corporate Social Responsibility and the Remuneration and Human
Resources Committees respectively.

Given three new appointments to the Board and a new Chief Executive, Sue’s
and Brent’s knowledge, together with Bruce Carter and Richard Didsbury, is
critical to the retention of the Company’s corporate memory.

Farewell

In closing, I would like to say it has been an honour to serve as Chairman of
SKYCITY for the past five years.

I want to publicly thank Deputy Chairman Bruce Carter and the wider SKYCITY
Board for all their support, and for their significant contributions to the
governance of SKYCITY.

I also thank SKYCITY’s Management and all the fantastic staff, without whom
there would be no SKYCITY.

I retire from the SKYCITY Board after nine years as a Director, proud in the
knowledge that I leave the Company in a better position than when I joined.

I am confident that SKYCITY has a strong future under the leadership of my
successor, Rob Campbell, all of the other Directors and our new Chief Executive,
Graeme Stephens.

I now invite Graeme to address the meeting for the first time.

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Chief Executive’s Address - Graeme Stephens


Introduction

Good morning everyone. It’s great to be here speaking to you at my first
Annual Meeting as Chief Executive of SKYCITY Entertainment Group.

Over the past few months, I have had a chance to meet with our institutional
investors representing about 70% of our shares. Today is a chance for me to
engage with our large number of New Zealand based investors and I welcome
that opportunity.

SKYCITY is in an exciting, yet challenging, transformational phase with our
projects, our properties, the cities we operate in, and even our leadership team
undergoing some change. As you will have seen from the Annual Report and the
theme of the presentations here today, the cranes and construction are
reflective of where we’re at as a company.

The challenge is to continue to deliver growth through what will be a disruptive
time for us, particularly in Auckland and Adelaide with the construction works
underway at both those properties and within both city precincts. Following this
period of development, I believe SKYCITY will be extremely well positioned in
terms of its product offering, within cities and precincts that themselves have
been revolutionised in ways that will be beneficial to our business.

A large part of my role and mandate is ensuring that we deliver on the promise
of the potential upside in these major projects as well as setting the strategy to
ensure that the company remains well positioned and relevant for the medium
and long term.

In terms of setting strategy, we have, at both a Board and executive level, a
healthy mix of corporate memory and understanding combined with some new
team members and fresh thinking. This will ensure we capitalise on the
opportunities created by the existing business, which is a very solid platform off
which to build.

I’ve spent most of my working career focused on this industry in one form or
another and in many jurisdictions. With that perspective, I can tell you that
SKYCITY, in particular its flagship Auckland property, and the standards of the
New Zealand regulatory environment compare very favourably with any other
and, as regards our people, we provide great service and experiences for our
customers. We are world leaders in the area of host responsibility, and ensuring
our customers are safe while they are with us. The recent praise from our New
Zealand regulator that Chris mentioned earlier is testament to that.

2017 Financial Results

Now on to the results for the 2017 financial year.

Overall, the year has delivered mixed results across the Group, with our New
Zealand properties delivering record earnings which offset the weaker trading

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conditions we’ve seen in Australia, as well as the negative regulatory change in
Darwin that Chris mentioned, and a significant drop in turnover in International
Business due to the problems in China.

After a weak Q1 in FY17, Group performance improved over the second half of
the financial year, and we ended with normalised Group EBITDA slightly down
2.6% on the previous year. After savings in interest costs due to the equity
raising in FY16, our normalised net profit of $154.6 million was up 1.3% on the
previous period. This was pretty much in line with market expectations, but fair
to say, in relation to the investments made and levels of growth achieved in
prior years, it was still slightly disappointing both internally and externally.

Of significant importance for our investors is that we maintained our dividend
policy, which delivers a high dividend yield to shareholders and we fully expect
to continue to do so going forward.

SKYCITY Auckland

On to Auckland. SKYCITY Auckland remains the cornerstone of the Group,
representing over 80% of consolidated EBITDA. Trading in FY17 started a little
weak, but the property finished with a solid year - revenue (excluding
International Business) was up 1.6% to $566.7 million with EBITDA increasing
3.5% to $259.8 million, no mean achievement in relation to a record prior
period.

We achieved record local gaming revenue despite visitation being flat due to the
various capital works programmes across the city, which continue to impact
access to our precinct. Furthermore, recent changes required by the health
regulators to our smoking decks have impacted our gaming areas – in part
because of their closure while we reconfigured them, and in part because the
new, more open, decks are not that user friendly in relation to the inclement
weather that we generally experience in Auckland. I am assured that we have
had a particularly bad winter – and like all of you, and our customers, I am now
ready for some warmth and sunshine.

Over the past year, we’ve completed a range of further developments at
SKYCITY Auckland, including opening the ‘Grand Horizon’ VIP gaming salons,
completing a major refurbishment of the Main Atrium area and opening Huami,
our new Chinese restaurant on Federal Street. Huami has been extremely well
received by customers and is an excellent complement to the world-class Federal
Street dining precinct.

We believe there is still potential for further development in our precinct to
protect and maximise our existing investment and make sure that this part of
the city remains a destination for the long term. A master plan is being
developed for the three blocks of the city that we occupy to ensure that we have
neighbours with synergistic businesses and that we manage the flow of people
across the precinct – in particular when the New Zealand International
Conventional Centre and City Rail Link are fully functional.

You probably saw the announcement last week that we have acquired the
majority of the AA Centre building on the corner of Albert and Victoria Streets –

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this is a key part of the master plan and enables us to manage and redevelop
that side of the precinct and create walkways up from the new City Rail Link exit
that will emerge immediately adjacent to the AA Centre building.

Ultimately we would like to see the precinct being developed to the same
standard as the rest of our property, including appropriate retail offerings, food
& beverage, entertainment offerings, residential space, offices and possible more
hotel rooms.

It might be stating the obvious, but we have clearly taken our current and future
balance sheet funding capacity into account when making the property
purchases and in planning what we might do with the precinct. It’s our intention
to manage the development of what happens in the immediate area – we don’t
need to own or operate all of it and we will be seeking development partners for
particular aspects once the plan is finalised. We are also exploring some options
to take an asset lighter approach on certain non-core assets.

SKYCITY Hamilton

Staying with New Zealand, SKYCITY Hamilton had a really strong result in FY17,
reporting record results once again. Revenue was up 10.2% to $59.4 million
and EBITDA was up 15.3% to $26.4 million. This was the stand out
performance of the portfolio.

The local economy in the Waikato is really picking up, gaming has been strong,
and the investment we made in refurbishing our bowling alley, now renamed
Bowl and Social, has been very well received.

We are exploring the feasibility of further investment into this property.

General Manager Michelle Baillie and her team have done a great job, and I’d
really like for Michelle to tell the story herself, so please turn your attention to
the screen.

[SKYCITY Hamilton video (time: 1.57”)]

Thanks Michelle. Michelle has been shortlisted as one of three CEOs in line for
the CEO of the Year in the Waikato Business Awards – we wish her well for the
awards dinner in November.

Queenstown

Turning now to Queenstown. We have two operations down there and between
them they had a weaker year in FY17. The truth is that in their current form
they are relatively immaterial to our Group results, so we are focusing on
various strategic options to do more with the opportunity that these two licences
represent. It’s a beautiful destination, in demand from tourists and VIP
customers, but with a very small local population. Hopefully we can report back
with some ideas and strategic progress the next time we meet.

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SKYCITY Darwin

And now to Australia, starting with Darwin. Unfortunately, SKYCITY Darwin had
a tough year, with revenue (excluding International Business) down 3.4% to
A$112.2 million and EBITDA down 20.1% to A$27.1 million.

The decision by the Northern Territory administration to allow more gaming in
local venues has, over the past two years, seen around a 75% increase in the
number of club and pub gaming machines in the catchment area of our casino.
In our business, you can assume that people will typically go to the closest
gaming product – why drive 30 minutes to us, and more importantly, 30
minutes home when you can walk to the pub in 5 minutes? This is an
unfortunate example of how the regulator can affect us - a stable regulatory
environment is the most critical factor for determining the success (or otherwise)
of our business.

Although the impairment in FY17 was simply a one off, non-cash accounting
entry (and is therefore adjusted to present normalised earnings), it has forced
us to look at Darwin through a different lens.

We have wonderful facilities and we also own adjacent undeveloped land which
is an opportunity for further resort development. Given, however, the
regulatory changes I’ve referred to, SKYCITY won't entertain further
development of Darwin on its own so we are conducting a strategic review of our
options to create shareholder value. First prize would be to find partners to help
us unlock further value from our investment. I have been asked whether a sale
would be considered. My response is that this is obviously always a strategic
option, but we are not there yet.

Adelaide Casino

Turning now to Adelaide. The proposed expansion there is probably the most
important strategic development in the Group in the year just passed.

Although my official start was in April this year, I visited Adelaide and Auckland
a number of times in the six months prior to that, with one of the primary focus
areas being the development of the Adelaide property. This has allowed me
time to have some influence over the final design of this exciting project and in
determining the various components.

In the final project design you might have noticed a swing away from a heavy
reliance on VIP customers towards aspects of the project that locals will benefit
from and be proud of – such as an increase in the size of the hotel, function
rooms for weddings and business, sports bars and entertainment for game days
at the Adelaide Oval. I believe we have a project that is now far more focused
on the people that live in the city and I know Adelaideians will be proud of the
new integrated entertainment precinct when it is complete.

While this development is a platform for growth in the long term, in the short
term we will see the early works and construction impact on our visitation and
revenue.

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In FY17, revenue (excluding International Business) was down 2.5% to A$148.0
million and EBITDA (excluding International Business) was down 16.8% to
A$21.3 million.

The team has been working really hard to offset the impact of the construction
and increased marketing and promotions saw modest growth in our share of the
local gaming market.

Luke Walker was also appointed as General Manager during the period and he
has been active in initiating strategies to immediately roll out the new gaming
concessions and manage the impact of construction disruption while the local
precinct and our own property is being transformed.

Now I’ll hand over to Luke who will give us an update on the project and what it
means for SKYCITY and for South Australia.

[Adelaide Casino video (time: 2:15”)]

Thank you Luke.

Looking forward, I am confident that there will be a real step change and growth
once this wonderful new facility opens in Adelaide. For the first time, we will be
able to actively compete for business across Australia with the likes of Perth,
Melbourne and Sydney.

International Business

Turning to our International Business (or VIP) component. This aspect of the
industry, for all operators in Australia and New Zealand, has been through a
really tough time - essentially due to a significant drop in activity resulting from
the detention of Crown Resorts’ employees in China in October 2016. Thankfully
those employees have recently been released and are back with their families.

Although at SKYCITY our policies and practices are compliant with all laws, this
situation still led to fewer customer visits for us in FY17, particularly in the
second and fourth quarters of the year. Turnover for FY17 was down 30.0% to
$8.7 billion and normalised EBITDA was down 41.6% to $19.6 million. This
takes us back to a touch below where we were in 2015.

At SKYCITY this aspect of our business is not something on which we are overly
reliant (or want to be), but it still represented 10% of our EBITDA in 2016 and
has fallen to 6% in the year just passed. It provides a shine to our results when
it does well and it’s equally hard to get great Group results when this division
doesn’t perform.

Our International Business has been a driver of growth across the Group in
recent years and we have a strong leader in the newly appointed President of
International Business, Stewart Neish. Although the industry has been
negatively impacted in the past year by events in China, we firmly believe in the
longer-term prospects of this business.

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New Zealand International Convention Centre

Our International Business has had plenty of media attention in the past year.
So too has the New Zealand International Convention Centre, our major
strategic development in Auckland. It is now rising very quickly out of the
ground - you might have seen it on your way here this morning.

A lot of the New Zealand press focus has been on our contractor, Fletcher
Construction, and potential delays in the project. I am pleased to report that we
have had a number of positive engagements with senior management at
Fletcher Building and Fletcher Construction. They have put in place a very
experienced team to work on our project and we are seeing a definite, positive
shift in momentum. Our mutual goal is to deliver something that New Zealand
will be proud of for decades to come and I believe we are well on track to
achieve that.

The project remains on-budget, is expected to be completed in mid-2019 and
the sales team has booked the first large conferences from early 2020. Given
that we are already hosting conventions in our existing operations, we already
have the management expertise and many of the staff in place and we are well
positioned to ramp this up in the new facility.

Callum Mallett, our General Manager Operations for the New Zealand
International Convention Centre will now provide us with an update on the
project via the big screen.

[New Zealand International Convention Centre video (time: 2:45”)]

When the New Zealand International Convention Centre opens in 2019, we will
still have our current Convention Centre space (next to the SKYCITY Grand
Hotel) that will be available for us to potentially use for other things. It’s a large
box with all of the necessary services and it’s a perfect venue for many forms of
entertainment. As part of our master plan, our Innovation team is currently
looking at some exciting options for this space, to further cement ourselves as a
premier entertainment venue in the heart of Auckland.

Innovation

Innovation is an area of keen focus for us, ensuring that SKYCITY adapts to the
fast pace of technology growth. It’s important that the experience at SKYCITY
remains world-class and that SKYCITY understands shifting patterns of
behaviour in how we engage with our customers via social and digital platforms,
as well as new forms of entertainment.

In this regard, we have worked for some time to conclude a transaction in the
fast evolving world of eSports – which involves multi-player video game
competitions, including between professional players. This is one of the fastest
growing forms of entertainment globally and is very popular with Millennials.

I am pleased to announce that we have recently concluded a partnership with
Let’s Play Live Media, New Zealand’s leading eSports entertainment and
broadcasting company. Let’s Play Live Media works closely with the New

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Zealand eSports Federation, including promoting and managing the eBlacks and
running the grassroots high school eSports programme. We have started with a
40% shareholding with options to increase to 75% over the next few years.

As part of the arrangement, the old XO bar in the Sky Tower is being
transformed into the first purpose-built eSports broadcasting studio in the
country. A few months from now you should be able to watch the players live
from the concourse outside. This is just one of the many exciting projects
happening in this space and I am very much looking forward to helping drive
these initiatives forward.

Over the next year and thereafter, we will also be making much needed
investment in IT infrastructure to cater for new technology and the changing
demands of our customers. The initial investment is required to replace end of
life systems and prepare the IT platform such that we can take advantage of
new technologies that are available and that will enhance our existing business
experience, as well as position us for potential new sources of revenue.

Our People

Turning to our most important resource – our people. I have been impressed
with the high calibre of the diverse management team at SKYCITY. There is
certainly no shortage of hard work and passion for the business.

Recently we confirmed John Mortensen will retire as Group Chief Operating
Officer at the end of the year. I want to join Chris and the rest of the SKYCITY
Board and management team in thanking him for the impact he has made on
the business.

I am pleased that we have found a strong talent to replace John, with Michael
Ahearne joining the Executive Team from Paddy Power Betfair in Ireland, one of
the world’s leaders in sports betting and gaming. Michael has held a number of
senior operational and product leadership roles within the wider gaming industry
and has extensive experience across the Australasian gaming and entertainment
sector, including executive positions at The Star in Sydney and Aristocrat.

As Group Chief Operating Officer, Michael will have direct responsibility for
SKYCITY’s flagship property in Auckland and play a key role across the SKYCITY
Group’s other properties in New Zealand and Australia. His exposure to aspects
of the gaming industry beyond just land based casinos will be invaluable as we
formulate our strategy for the future.

Michael will join us early in December, but in advance of that has recorded a
brief message for you all.

[Michael Ahearne video (time: 1.24”)]

Thanks Michael. It will be great to have you on board soon and I’m really
looking forward to the contribution you will bring to this business in the years
ahead.

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Year Ahead

And speaking of the year ahead, the SKYCITY Board and I have decided to move
away from providing quarterly revenue updates and instead we plan to move to
providing more traditional high level trading updates, one during the latter stage
of the first half of the financial year and another towards the end of the second
half of the financial year. This approach is consistent with the practice of a
significant majority of NZX50 and ASX200 companies and, particularly given the
occasionally short term volatile nature of our business, will give us an ability to
provide better quality information to the market.

With another month under our belt, we expect to provide a trading update in
mid November (which will be released to the stock exchange) alongside a
broader update on the progress of our major growth projects and key initiatives.

Similarly, we would envisage providing our 2H trading update in May next year.

Closing

In closing, one of the major attractions of the job for me is that SKYCITY is
currently in an exciting period of development with a number of major projects
underway. This is a well established business with limited downside risk and
offering great opportunities beyond the short term disruption that we face during
this period of transformation.

Our investments in Auckland, with the New Zealand International Convention
Centre in particular, will lift the visitation to the precinct and position the city as
a leader in the regional convention market.

Adelaide Casino will be a major, relevant entertainment destination located in
the hub of a vibrant convention and leisure precinct, which is forecast to see a
significant increase in visitor numbers.

I can also see more potential in our existing properties in Hamilton and
Queenstown.

Strategically, we will be seeking to ensure that we are maximising what we have
before we go looking for more, but we will continue to monitor further longer
term opportunities to grow our business.

In assessing development potential we are acutely conscious of our available
debt capacity, the most appropriate use of our capital and deriving an
appropriate risk related return on any investment made.

We are challenged to ensure we continue to offer relevant forms of
entertainment and hospitality to customers that are increasingly spoilt for choice
and with increasingly divergent interests. I believe we have real potential for
future development and growth. I am very passionate about this Company and
what we can achieve, and I’m looking forward to the challenges and
opportunities that lie ahead.

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Finally, I would like to thank Chris Moller and the SKYCITY Board for the
opportunity they have given me. I am also looking forward to working alongside
the Chairman-Elect, Rob Campbell, once he takes over the reins in the New Year
- together we need to build on the great platform that has been created for us.

I would also like to thank the SKYCITY management team and the many
stakeholders and shareholders I have met – all of whom have been so
welcoming.

Recently I, and a group of our senior leadership team, took part in an overnight
shift on the Main Gaming Floor at SKYCITY Auckland. Working in that
environment at 3am gave us all a hands-on understanding of what our staff
experience every day and night. This is the tough end of the business where our
staff work really hard and provide exceptional customer service to our guests -
who are there to have a great time.

I want to close by commending our very talented staff – they do a wonderful job
and they’re the reason SKYCITY is such a fantastic place to work - and to play.

Thank you.